Peoples Financial begins review of LIHTC investment accounting; may adjust prior-period financials

PEOPLES FINANCIAL CORP /MS/

Review examines classification of a Low Income Housing Tax Credit limited partnership investment under ASC 320.
Prompted by an indication of value from the LIHTC general partner and consultation with Novogradac & Company.
Non-cash changes may affect GAAP results for periods ending Dec 31, 2018 or earlier; no impact on cash flows or dividends.
Board-authorized review is supervised by the Audit Committee; final decision deferred until completion.

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