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August 21, 2014
07:11 EDTADESAdvanced Emissions provides update on accounting review
Advanced Emissions announced that the Audit Committee of its board, upon the recommendation of the company's management, has determined that the company's financial statements filed on Form 10-Q for the quarters ended March 31, June 30, and September 30 of 2011 and 2012, or the annual financial statements filed on Form 10-K for the years ended December 31, 2011 and 2012 should not be relied upon and will likely be restated. The re-audits are still in progress, but based upon adjustments that have been identified to date, which impact a significant number of individual balance sheet and income statement line items, and the likelihood of additional adjustments as the re-audits continue, the company has determined it should make a non-reliance determination at this time. As part of the re-audit, the company is also evaluating whether or not the financial statements of Clean Coal Solutions, should have been consolidated or accounted for as an equity method investment in the Non-Reliance Periods. This evaluation includes additional technical accounting research, review of complex key documents, and consultation with current and former public accounting firms, and the company is still in the process of making its determination. If the company determines that it should have accounted for its investment in CCS under the equity method, this would materially impact, and require a restatement of, the company's previously reported financial statements for the Non-Reliance Periods. Whether the company accounts for CCS on a consolidated basis or as an equity investment, it does not change the company's ownership in, or the economic benefits the company receives from, CCS.
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