(Bloomberg) Daily Journal Corp., the publisher that counts billionaire Charles Munger as chairman, said it will restate some financial results after hiring a new auditor this year.
A tax issue tied to the acquisition of New Dawn Technologies Inc. will alter results for the quarter ended June 30, Los Angeles-based Daily Journal said Tuesday in a filing. Munger is also vice chairman at Warren Buffett’s Berkshire Hathaway Inc.
“The company expects to set up a long-term liability for its uncertain tax position,” Daily Journal said in the filing. “The company also expects to establish a reserve for accrued interest and penalties.”
Daily Journal replaced its auditor, Ernst & Young LLP, with BDO USA LLP in July. Ernst & Young had determined there were flaws in the publisher’s accounting for acquisitions and deferred-tax provisions, Munger’s company said June 24 in its report for the fiscal year ended Sept. 30, 2013.
