R. A. Brierley Profit ‘Over-stated’
The auditors of R. A. Brierley Investments, Ltd (David Markham and Company, Wellington public accountants), have qualified their report to the accounts of the group, according to the annua) report. The accounts show a profit of $64,883 for the parent company, against a loss of $39,745 in the previous year.’ but the auditors say that in j their opinion this profit is! overstated by $30,000. Interest Capitalised
This, they say, is brought about by the capitalisation of interest amounting to $30,000. This was capitalised to cost
of shares in two Australian subsidiaries and is. according to a note to the accounts, a change from accounting procedure of previous years. The total dividend for the year is 11 per cent, with a final dividend of 8 per cent,;
• and requires 522.000. The {dividend was passed in the {previous year. Overseas Investments The chairman (Mr R. A. Brierley) says that there was a higher return from overseas investments. Shareholders’ funds for the I group rose $121,716 to 8396.179 with capital steady I at 8200,000. A reserve from j | devaluation appears at i $116,380. I
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Press, Volume CVIII, Issue 31843, 22 November 1968, Page 14
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187R. A. Brierley Profit ‘Over-stated’ Press, Volume CVIII, Issue 31843, 22 November 1968, Page 14
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