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BRIEF-Hill International to restate financial statements for previous years
September 21, 2017 / 11:24 AM / 3 months ago

BRIEF-Hill International to restate financial statements for previous years

Sept 21 (Reuters) - Hill International Inc

* Board determined that co will restate co’s previously issued financial statements for each of years ended Dec 31, 2016, 2015, 2014​

* Expects that these adjustments will result in aggregate increases in selling, general & administrative expenses​

* Co intends to file restated annual & quarterly financial statements for non-reliance periods as soon as practicable​

* Also‍ determined co will restate previously issued financial statements for qtrs ended March 31, June 30, Sept 30 in 2015, 2016​

* Prelim overall net foreign currency adjustment to previously reported results expected to be $25 million-$35 million across 2014, 2015, 2016

* Expects that foreign currency adjustments will result in aggregate decreases in accumulative other comprehensive loss​

* Expects that adjustments will result in aggregate decreases in retained earnings​

* Accounting for foreign currency translation adjustments related to intercompany balances was not appropriate in few prior statements​ Source text for Eikon: Further company coverage:

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