12.03.2024 14:33:07 - dpa-AFX: ADM Reports Correction Of Certain Segment-Specific Historical Financial Information
WASHINGTON (dpa-AFX) - ADM (ADM) issued an update with respect to the
internal investigation led by the Audit Committee of its Board regarding certain
accounting practices and procedures with respect to Nutrition reporting segment,
including as related to certain intersegment sales. The company identified and
corrected certain intersegment sales that occurred between the Nutrition
reporting segment and the Ag Services and Oilseeds and Carbohydrate Solutions
reporting segments that were not recorded at amounts approximating market. The
company said the adjustments related to reporting segments does not impact
consolidated statement of earnings.
In connection with the internal investigation, the company identified a material
weakness in its internal control over financial reporting related to its
accounting practices and procedures for intersegment sales.
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