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Accounting: Reporting and governance failures

16 December 2014

Accounting: Reporting and governance failures - read more

A continual series of errors have destroyed shareholder and customer trust

Over the past year, the management of Tesco, Britain’s largest supermarket group, have surpassed themselves. They have destroyed shareholder value on a grand scale. The retail giant has experienced a collapse in its share price, a decimation of its earnings, issued three profit warnings and suffered a serious loss of its customer base. For good measure, dividends have been slashed by over 75%.

Tesco’s earlier trading problems were overshadowed with the news that its 2014 half-yearly profits were significantly over stated. As a result ...

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