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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...

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