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Finance & Accounting
Pages 4 (1004 words)
The financial statement Name Institution The financial statement The virgin board continues to believe the appropriateness to assess performance that would be based on the underlying business profit. The underlying profit would exclude the non-recurring costs specifically the ones associated with the integration of virgin and B&B.
There has been provided the analysis of the difference between the underlying profit and the statutory profit of the virgin bed and breakfast. The estimated profit with the tax of ?481m is ?110m. This recorded as being high because of the increased interest charged on the B&B working capital faculty and the government loan plus the size of lower balance sheet (Taparia, 2003 Pg. 38). Income statement information for the six months is restated according to an interim financial report that would provide consistence with the restatement in the 2013 annual reports and accounts for B&B and Virgin. ...
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