FRC To Announce That It Has Ended Probe Into Tesco’s Former CFO Over Profit Mis-Statement

According to Sky News, the Financial Reporting Council (FRC) is set to announce today that it is no longer investigating Laurie McIlwee, who resigned as Tesco’s Chief Financial Officer just over two years ago following the high profile accounting scandal.

The report said that the FRC will exonerate McIlwee of any wrongdoing in relation to the finance and accounting ‎practices of the retailer.

Read the full article on the Sky News website

NAM Implications:
  • This issue was never about personalities, more an opportunity to add clarity to a very ill-defined process as to how trade investment monies are booked into a retailers accounts…
  • From the points of view of suppliers and competing retailers, awaiting an FRC ruling simply prolongs the uncertainty…
  • Meanwhile, retailers have little option other than to book monies based on auditable results of boxes sold and paid for, after the event.
  • Anything less will only result in cautious suppliers under-investing, just-in-case…
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