SAN DIMAS, Calif. — After ten months of discussions and review by KPMG, LLP, WesCorp recently reported that it has received approval from the auditing firm to release its 2006 audited financial statements.
The delay in publishing the 2006 audited financials was due to "a difference of opinion" in the interpretation of Statement of Financial Accounting Standards 133 for certain derivative transactions used in WesCorp's hedging strategies to manage interest rate risk, according to WesCorp.
The resolution will see WesCorp restate its earnings for the year 2005, make adjustments for 2006, as well as revise its hedge accounting practices for 2007, WesCorp said. In aggregate, the restatement will result in an increase to WesCorp's income and retained earnings.
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