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/
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
