Wednesday, April 24, 2024

US$20m loss

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SIX MONTHS after a leading accounting firm expressed reservations over the ability of the West Indies Cricket Board (WICB) to stay in business, the regional governing body is confident it will emerge from a period of financial uncertainty.

The WICB accumulated losses of more than US$20 million over a two-year period and is burdened by a shareholders’ deficit in excess of US$5 million, prompting chartered accountants KPMG (Antigua and Barbuda), in its independent auditors’ report of the board’s financial statements, to highlight their concerns about the WICB’s viability to shareholders.

“Without qualifying our opinion, we wish to draw attention to note 2 of the financial statements,” KPMG wrote in its report dated March 7, 2014, under the heading Emphasis Of Matter.

“The accompanying financial statements have been prepared assuming that the company will continue as a going concern. As discussed in note 2 to the financial statements, the company incurred a net loss of US$5 821 413 (2012: US$14 873 774) during the year ended September 30, 2013 and as at that date, it had a shareholders’ deficiency of US$5 693 323.

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