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This excerpt taken from the ROS 20-F filed Dec 17, 2007. Accounting for Subsidiaries, Associates and Other Investments The Group did not maintain effective controls over the accounting for its subsidiaries, associates and other investments and the related disclosures in accordance with IFRS and U.S. GAAP. Specifically, the Group did not design and put in place effective controls to ensure proper purchase price allocation and the consolidation of newly-acquired subsidiaries. Moreover, the Group did not maintain effective controls over the preparation of IFRS financial statements by the Group's consolidated subsidiaries and associates. The Group also did not have sufficient controls in place to monitor the appropriate classification of its investments as short or long-term assets and to ensure the complete recognition of interest income at the end of each period. This material weakness resulted in material adjustments to several of the Group's significant accounts, including consolidated investments, equity method investments including related gains and losses, as well as short and long-term investments. |
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