Transcontinental Restating Prior Financials
December 2007
MONTREAL—After identifying two non-cash accounting errors in preparation for its year-end financial statements, Transcontinental Inc. will be restating its financial statements for prior years.
Income tax liabilities at the end of 2006 were understated by approximately $10 million. A second error saw property, plant and equipment of Mexican subsidiaries overstated by about $10 million at the end of fiscal year 2006, due to amortization being calculated incorrectly.
The restatements are not expected to have an impact on cash flows or cash balances.
Income tax liabilities at the end of 2006 were understated by approximately $10 million. A second error saw property, plant and equipment of Mexican subsidiaries overstated by about $10 million at the end of fiscal year 2006, due to amortization being calculated incorrectly.
The restatements are not expected to have an impact on cash flows or cash balances.




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