AccountancyAge.com: Shell restates quarterly income: “following the fiasco over its restatement of oil barrel reserves.”

13-07-2004

Oil giant Shell has restated its income upwards for its first quarter of 2004, following the fiasco over its restatement of oil barrel reserves.

First-quarter net income for 2004 has been re-adjusted to $4.7bn from $4.43bn because of changes in the accounting of inventories.

The changes, which were a follow-through from the adjustments in its 2003 accounts, were done to mainly reflect the cut in its oil and gas reserves.

In May this year, Shell cut its estimates of oil barrel reserves by more than 4 billion barrels, leading to the resignation of senior executives.

http://www.accountancyage.com/News/1137649