[joyflying]

Hi,

I am just reading Tesco’s accounting fraud and have something that I don’t understand. The part of the article is as follows. Can someone kindly explain what happens here? Are those impairment booked too early or too late? Or are those impairments are booked without reasons? Thank you.

“The plot thickens with the £382m collection of impairment charges that Tesco booked in the results. This includes £27m for the mis-selling of payment protection insurance by Tesco Bank, but also a £41m retrospective charge relating to a Valuation Office ruling on the payment of business rates on cash machines, £63m in stock write-downs, and £136m of impairment charges on assets in the UK and Europe.

The timing of the charge for cash machines is slightly odd because Sainsbury’s booked its £13m hit last year. Meanwhile, industry sources say the stock write-down stands out for its size – Tesco did not book any stock write-downs in the previous financial year and it takes a lot of products to add up to £63m.”

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The best is yet to come..

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