The financial statements have been revised to correct an unintentional accounting error identified during a subsequent review of the company’s records. Certain balances were incorrectly classified and/or carried forward when the original financial statements were prepared, resulting in an incorrect balance sheet.
The underlying accounting records have now been reviewed and reconciled, and the revised financial statements reflect the correct asset, liability and reserves balances.
The error was inadvertent and was identified as part of our review of the following year’s opening balances. There was no intention to misstate the company’s financial position.