Spanish construction and infrastructure company Ferrovial does not currently raise any major specific accounting concerns. However, recognition of revenue and profits at its construction business are highly subjective, the potential impact of which is compounded by its low profitability. While judgements are also required for its infrastructure business, these should have less impact on earnings given inherently higher profitability. Nonetheless, in view of the overall high level of management discretion, we rate the company as high accounting risk.

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