Transcontinental Restating Prior Financials
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.