Pursuit Attractions & Hospitality, Inc. (PRSU): auditor change — Viad Corp restates Q3 2022 financials due to foreign currency lease error; net income overstated by $2M

Pursuit Attractions & Hospitality, Inc.

Audit Committee concludes unaudited Q3 2022 financials should no longer be relied upon due to error in accounting for Sky Lagoon finance lease in Iceland.
Error: lease liability in ISK payable in USD not remeasured monthly; costs and lease liability understated by $5.0M.
Net income attributable to Viad overstated by $2.0M after taxes and noncontrolling interests.
Company plans to file amended Form 10-Q soon and is reassessing internal controls over financial reporting.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Pursuit Attractions & Hospitality, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s previously issued unaudited condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022 (the “Affected Period”) contained in the Company’s Quarterly Report on Form 10-Q (the “Affected Form 10-Q”) filed with the Securities and Exchange Commission (the “SEC”) on November 4, 2022, should no longer be relied upon due to an error relating to the accounting for the non-cash foreign currency remeasurement of a finance lease and will require restatement

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Source: SEC EDGAR

accession 0000950170-23-002328

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