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WPP says parts of financial statements 'not in accordance' with accounting rules
StockMarketWire.com
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Advertising group WPP said elements of previous financial statements were not in accordance with accounting regulations, though it said the adjustments wouldn't impact its headline results.
The company's financial statements for calendar 2017, 2018 and 2019 were not fully in accordance with IAS 32 and IAS 39.
The presentation of cash and overdrafts within notional cash pooling arrangements did not meet the requirements, the company said.
It added that net investment hedging was inappropriately applied against certain foreign exchange exposures.
'The adjustments arising from these items will have no impact on any of WPP's headline measures, operating profit, net debt, net assets, net current liabilities or statement of cash flows,' WPP said.
It is the company's intention to change its cash pooling arrangements during 2021 such that certain cash and overdrafts will be settled or offset, mitigating the impact of the above in future periods.'
Story provided by StockMarketWire.com
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