Page 48 URBAN DEVELOPMENT CORPORATION AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2007
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EFFECTS OF RESTATEMENT (Cont’d) Investment The following significant adjustments have been effected: (1)
Restatement of profit to reflect UDC’s investment of property at valuation, in the joint venture regarding Seaside at Rose Hall. The venture is based on the Heads of Agreement between the Corporation and Rosehall Development Limited in which the Corporation has a shareholding of 60%. The restatements also record UDC’s share of profit for the period ended March 31, 2006. $ (a)
Retained earnings Investment in joint ventures
(296,958) 296,958
(b)
Retained earnings Investment in joint venture
(
(c)
Retained earnings Income tax
9,732) 9,732 3,244 (3,244)