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  "docSlug": "55f4c152cfe0",
  "documentTitle": "WSP Global Inc. (WSP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-04-03 00:00:00",
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  "pageNumber": 38,
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  "notes": "The slide uses a visual callout (red box) to highlight the discrepancy in the 'Provisions' line item between the Q3 2023 report and the 12/30/23 report.",
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      "text": "This statement is patently false.",
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      "text": "On Sept 21, 2022, WSP acquired the Environment & Infrastructure (\"E&I\") Business of John Wood Group plc. Under IFRS, companies are allowed to revise deal valuations up to 12 months post-closing.(1) In Q3 2023 ending September 30, 2023, WSP said the deal valuation was final. This statement is patently false. In its 2023 Annual Report, WSP made a further modification to reduce the \"Provisions\" account and did not elaborate why or disclose it as an error. Provisions are liabilities that when reduced we believe result in a credit to net income.",
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      "kind": "source-note",
      "text": "Source: WSP financials 1) PWC Viewpoint, 13.12 Measurement period adjustments. US IFRS & US GAAP",
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      "text": "Comparison of Q3 2023 vs 12/30/23 financial tables showing adjustments to Provisions.",
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      "kind": "title",
      "text": "Warning: WSP Appears To Be Revising A Deal Account Past 1 Year In Violation of IFRS",
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