FRom AAO Weblog
Bowater, the newsprint producer, corrected a collection of previously-considered immaterial errors it was carrying on its balance sheet, noted in its 10-K filing. As has been noted in other recent posts – the correction resulted in an increase to retained earnings.
(I’ve been noting these things as I find them; I’m not looking for just favorable adjustments. And I’m at a loss to explain the string of positive adjustments resulting from the application of SAB 108. For now, I’m chalking it up to mere coincidence.)
Reasons for the retained earnings adjustment: incorrect vacation liability accruals dating back to the 1980’s. (Van Halen was inducted into the Rock & Roll Hall of Fame this week – and these mistakes being fixed just now are as old as the band!) Deferred tax slip-ups. And incorrect accounting for purchased materials.
All in all, an adjustment of only about $9 million to beginning retained earnings. Notable for the direction of correction, not the amount.
http://www.accountingobserver.com/blog/
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