Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Comment letters show SEC forced restatement on ASC 606

Tammy Whitehouse | January 9, 2019

After a 15-part comment letter exchange with the Securities and Exchange Commission over its compliance with new revenue recognition rules, Kingsway Financial Services opted to restate.

The Canada-based company filed its third-quarter results making immaterial revisions to its first-quarter and second-quarter filings related to its adoption of Accounting Standards Codification Topic 606 on revenue recognition. Kingsway is a holding company with U.S.-based operating subsidiaries doing business in insurance, extended warranties, asset management, and real estate.

The company reported a material weakness in internal control over financial reporting after one of the SEC’s comment letters encouraged the company to review its controls as a result of the necessary adjustment. The SEC...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.