Financial Accounting Blog

Sunday, March 21, 2004

Forbes says that Shell is denying reports that its auditor has refused to sign off on their accounts due to quality of information given. Shell states that the delay has come from the revision of their reserve data. Shell has cut their reserves by 250 million barrels in 2002 and 220 million in 2003. These are significant blows to investor confidence as Shell has cut their reserve inventory twice this year.