Brewin Dolphin admits overstating profits - papers

According to The Times, the broker said it had since changed its accounting policy to prevent such overstatements in the future, at a further cost of £6.5 million from this year's profits. Following discussions with the Financial Reporting Review Panel, Brewin said it had agreed that payments to acquire teams of investment managers that bring funds with them would now be categorised as intangible assets, not goodwill, and should therefore carry an amortisation charge. As a result of the accounting change David McCann, an analyst at Numis, reduced his forecast for Brewin's pre-tax prof...