Crimson Wine to restate 3+ years of financial results after independent review of unreliable accounting errors

 
Crimson Wine Group will be  restating “unreliable” financial results for three fiscal years ended December 31, 2017, 2018 and 2019 after an independent review is completed, according to the company’s SEC 8-K Report of Dec. 22, 2020
 
According to the 8-K,  the reviews “relate to the allocation of costs to bulk wine inventory, which, in turn, affect the Company’s reported cost of sales.”
 
The 8-K further notes that  the Crimson Wine”Audit Committee will retain independent accounting advisors to assist in the review process. The Company cannot quantify the amount of the corrections until the Audit Committee has concluded its independent review. ”
 
The results of the review, according to the 8-K, “will result in a decrease in the Company’s net earnings for the periods discussed above as well as an adjustment to increase the opening accumulated deficit balance as of January 1, 2017.”

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