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Stagwell Reveals Year-Old $24 Million Accounting Error
Marketing firm did not accurately attribute two items on its latest annual balance sheet.
May 15, 2023
Stagwell Inc. (STGW), an advertising, marketing, and consulting services provider, recorded an out-of-period adjustment in the first quarter of 2023 which should have been reflected in the prior year financial statements. At issue is the botched allocation of Accumulated other comprehensive loss to noncontrolling interest shareholders.
In its latest quarterly filing, Stagwell corrected the error which resulted in:
—Noncontrolling interests and Accumulated other comprehensive loss declined by approximately $24 million
The adjustment, according to DuDIl, is the equivalent 2.5% of Stagwell’s total equity but the company says the adjustment did not impact Total Shareholders’ Equity as of March 31, 2023.
Stagwell says the error is not material.
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