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Molson Coors recalls bad batch of earnings figures

Tammy Whitehouse | February 12, 2019

After discovering a bad batch of accounting, Molson Coors Brewing Co. has restated financials back to 2016 to unravel hundreds of millions of dollars in improperly reported earnings.

Audited by PwC since 1974, the company issued a Form 8-K meant to warn investors they can no longer rely on consolidated financial statements for 2016 and 2017 as a result of a net $247.7 million mistake in the reporting of deferred tax liabilities. On the same day, the company filed its 2018 10-K with the amended figures. Molson Coors says it discovered the problem as it prepared its 2018 financial statements, spotting errors in the accounting associated with its partnership in MillerCoors.

Molson Coors formed the MillerCoors joint venture with SABMiller in 2008, then acquired SABMiller’s share in...

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