Energy XXI restates financials due to poor hedge accounting

September 9, 2015

Another day, another financial restatement due to poor hedge accounting:

 

“The primary reason for this derivative accounting change was that the formal hedge documentation lacked specificity of the hedged items. Thus, the designations failed to meet the complex technical documentation requirements for cash flow hedge accounting treatment.”

 

This time the company is Energy XXI, the largest publicly traded independent producer on the Gulf of Mexico Shelf.

 

Are you taking risks with your hedge accounting? If you can’t answer that question, you need an independent hedge accounting review from DerivActiv.

 

 

Since 2004 DerivActiv’s valuation and hedge accounting services have never caused a financial restatement. We’re the domain experts in hedge accounting – so you don’t have to be.

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