Diligent turns up another accounting headache

Thu, 30 Jan 2014

Jan. 30 (BusinessDesk) - Diligent Board Member Services, the governance software developer, has discovered another accounting hiccup, misclassifying a note receivable from a related entity and will have to further tweak its books. The New York-based and NZX-listed company recognised a US$6.8 million receivable from a promissory note from Services Share Holding as an asset, when it should have deducted it from stockholders’ equity while the note was outstanding, Diligent said in a statement. The note was repaid with cash and shares and reti...

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