Exclusive: Swiggy Auditor KPMG points out discrepancy in accounting
Experts believe start-ups have been relatively lax about auditing and accounting rules, and this case could set the tone for more public liability
Mumbai / January 28, 2021 / 06:04 PM IST
KPMG, one of the world s biggest audit firms has pointed out discrepancies in food delivery firm Swiggy s accounting practices in its audit report, according to documents obtained by Moneycontrol.
It has given what is known as a `qualified opinion’ to Swiggy. An auditor issues a qualified opinion when he is not convinced or has concerns about a specific aspect of the company’s accounting practices, and thinks it goes against the law.
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LG Display Reports Fourth Quarter 2020 Results
SEOUL, Korea (Jan. 27, 2021) - LG Display today reported unaudited earnings results based on consolidated K-IFRS (International Financial Reporting Standards) for the three-month period endingDecember 31, 2020.
w Revenues in thefourthquarter of 2020 increased by 11% to KRW 7,461 billion from KRW 6,738 billion in the third quarter of 2020 and increased by 16% from KRW 6,422 billion in the fourth quarter of 2019.
w Operating profit in the fourthquarter of 2020 recordedKRW 685 billion. This compares with the operating profit of KRW 164 billion in the third quarter of 2020 and the operating loss of KRW 422 billion in the fourth quarter of 2019.
w EBITDA in the fourth quarter of 2020 was KRW 1,774 billion, compared with EBITDA of KRW 1,288 billion in the third quarter of 2020 and with EBITDA of KRW 586 billion in the fourth quarter of 2019.
$0.22 to $0.28
(1) IFRS EPS of $0.16 for Q4 2020 included an aggregate charge of $0.13 (pre-tax) per share for employee stock-based compensation (SBC) expense, amortization of intangible assets (excluding computer software), restructuring charges, and
de minimis Internal Relocation Costs (defined in Schedule 1 hereto). See the tables in Schedule 1 and note 10 to our December 31, 2020 unaudited interim condensed consolidated financial statements (Q4 2020 Interim Financial Statements) for per-item charges. This aggregate charge is towards the low end of our Q4 2020 guidance range of between $0.12 and $0.18 per share for these items, primarily due to lower than-expected restructuring charges.
IFRS EPS for Q4 2020 included a $0.05 per share negative impact attributable to restructuring charges and a $0.06 per share negative impact attributable to estimated $8 million in COVID-19 Costs, offset in large part by a $0.08 per share positive impact attributable to COVID Recoveries (approxi
13 1Refers to continuing operations as defined on page 43 of the Condensed Financial Report, excludes Alcon, includes the businesses of Innovative Medicines and Sandoz, as well as the continuing corporate functions. 2Constant currencies (cc), core results and free cash flow are non-IFRS measures. An explanation of non-IFRS measures can be found on page 55 of the Condensed Financial Report. Unless otherwise noted, all growth rates in this Release refer to same period in prior year.
3 Please see detailed guidance assumptions on page 8 including the forecast assumption that we see a continuation of the return to normal global healthcare systems including prescription dynamics by mid 2021. In addition, we assume that no Gilenyaand noSandostatinLAR generics enter in 2021 in the US.