April 24, 2018 / 9:20 PM / 5 months ago

BRIEF-Fairfax Financial Says Thomas Cook (India) Changed Accounting For Ownership Interest In Quess Corp

April 24 (Reuters) - Fairfax Financial Holdings Ltd :

* FAIRFAX FINANCIAL HOLDINGS LTD - CO’S UNIT THOMAS COOK (INDIA) LIMITED CHANGED ACCOUNTING FOR OWNERSHIP INTEREST IN QUESS CORP. LIMITED

* FAIRFAX FINANCIAL HOLDINGS - TCIL CHANGED ACCOUNTING FOR ITS OWNERSHIP INTEREST IN QUESS CORP. FROM A UNIT TO ASSOCIATE FOR YEAR ENDED MARCH 31, 2018

* FAIRFAX FINANCIAL HOLDINGS - ACCOUNTING CHANGE WILL RESULT IN A NON-CASH ACCOUNTING GAIN AT TCIL OF ABOUT RS. 58 BILLION FOR YEAR ENDED MARCH 31, 2018

* FAIRFAX FINANCIAL HOLDINGS LTD - TCIL WILL DE-CONSOLIDATE QUESS

* FAIRFAX FINANCIAL HOLDINGS - TCIL’S REMAINING OWNERSHIP INTEREST IN QUESS TO BE RECORDED AT FAIR VALUE & PRESENTED AS INVESTMENT IN AN ASSOCIATE CO

* FAIRFAX FINANCIAL HOLDINGS LTD - CO MUST CHANGE MANNER IN WHICH IT ACCOUNTS FOR ITS OWNERSHIP INTEREST IN QUESS THROUGH TCIL

* FAIRFAX FINANCIAL HOLDINGS LTD - CHANGE IN ACCOUNTING FOR OWNERSHIP INTEREST WILL RESULT IN GAIN OF ABOUT US$600 MILLION IN CO’S Q1 ENDED MARCH 31, 2018 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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