All articles tagged with #accounting error
Originally Published 25 days ago — by BBC
WH Smith is under investigation by the UK's FCA after uncovering accounting mistakes in its North American business, leading to a delayed annual report, executive resignations, and a significant drop in share price, with the company planning to overhaul its stores by 2026 to restore confidence and improve governance.
Originally Published 4 months ago — by BBC
WH Smith's shares plummeted nearly 42% after an accounting mistake led to an overstatement of North American profits, prompting a profit forecast cut, a review by Deloitte, and concerns about the company's reputation and growth prospects.
Originally Published 1 year ago — by The New York Times
Macy's has disclosed a multimillion-dollar accounting error in its latest earnings report, which could impact its financial standing and investor confidence. The company is working to address the issue and ensure accurate financial reporting moving forward.
Originally Published 1 year ago — by Yahoo Finance
Symbotic's stock plummeted 38% after revealing an accounting error related to revenue recognition, delaying its fiscal 2024 10-K report and reducing revenue and profit figures by $30-$40 million. The error affects multiple quarters, impacting adjusted EBITDA and gross profit, and leading to a downgraded Q1 2025 outlook. Analysts have downgraded the stock, citing internal control issues. Despite the setback, Symbotic's AI systems and partnerships, like with Walmart Mexico, offer potential growth, but the company faces a credibility challenge in the competitive robotics market.
Originally Published 1 year ago — by The Athletic
The San Francisco 49ers have been penalized in the upcoming NFL Draft due to an accounting error, resulting in a drop in their fourth-round pick position and the forfeiture of a fifth-round pick in 2025. The team accepted responsibility for the clerical payroll mistake, emphasizing that it did not gain a competitive advantage. The impact of losing a fifth-round pick is significant for the 49ers, as they have historically found valuable players in that round, and cost control is crucial for a team pressed against the salary cap.
Originally Published 2 years ago — by Yahoo Finance
The Pentagon has admitted to a $6.2 billion accounting error in the value of weapons supplied to Ukraine over the past two years, which is double the initial estimate of $3 billion. The error inflated the cost of each new aid package, but did not impact the provision of support to Ukraine. The revision frees up extra funds in the department’s coffers for further aid, adding to the $34 billion in security assistance the U.S. has already provided to Ukraine since 2021. Concerns have been raised regarding the costs and indefinite timeline of the Russia-Ukraine war, and a recent survey from the Pew Research Center revealed 44% of Republicans and Republican-leaning independents believe the U.S. is giving too much to Ukraine.
Originally Published 2 years ago — by The Washington Post
The Pentagon has discovered a $6.2 billion accounting error that overvalued the amount of military equipment sent to Ukraine since Russia's invasion last year. The error will allow the Pentagon to send more weapons to Ukraine before requesting more money from Congress. The Biden administration has sent over $40 billion in security assistance to Ukraine since the invasion. The errors free up funds that can be allocated without congressional approval before the end of the fiscal year on Sept. 30. Support for U.S. assistance to Ukraine has been declining, particularly among Republicans.
Originally Published 2 years ago — by Military Times
The Pentagon has revealed that it overestimated the value of weapons sent to Ukraine by $6.2 billion over the past two years, resulting in a surplus that will be used for future security packages. The accounting error was due to the military services using replacement costs instead of the book value of equipment. The revelation comes as Ukraine moves ahead with the early stages of its counteroffensive against Russia, which has been bombarding the Kyiv region with exploding drones. The Pentagon has repeatedly used presidential drawdown authority to pull weapons, ammunition, and other equipment off the shelves to get to Ukraine more quickly. The accounting mistake won't affect the ongoing delivery of aid to Ukraine.
Originally Published 2 years ago — by Yahoo News
The Pentagon has revealed that it overestimated the value of weapons sent to Ukraine by $6.2 billion over the past two years, resulting in a surplus that will be used for future security packages. The accounting error was due to the military services using replacement costs rather than the book value of equipment. The revelation comes as Ukraine moves ahead with the early stages of its counteroffensive against Russia, which has been bombarding the Kyiv region with dozens of Shahed exploding drones. The Pentagon has repeatedly used presidential drawdown authority to pull weapons, ammunition, and other equipment off the shelves to get to Ukraine more quickly. The accounting mistake won't affect the ongoing delivery of aid to Ukraine.
Originally Published 2 years ago — by Yahoo! Voices
The Pentagon has revealed that it overestimated the value of weapons sent to Ukraine by $6.2 billion over the past two years, resulting in a surplus that will be used for future security packages. The accounting error was due to the military services using replacement costs rather than the book value of equipment. The revelation comes as Ukraine moves ahead with the early stages of its counteroffensive against Russia, which has been bombarding the Kyiv region with dozens of Shahed exploding drones. The Pentagon has repeatedly used presidential drawdown authority to pull weapons, ammunition, and other equipment off the shelves to get to Ukraine more quickly. The accounting mistake won't affect the ongoing delivery of aid to Ukraine.
Originally Published 2 years ago — by Business Insider
The Pentagon overvalued the cost of weapons sent to Ukraine by $3 billion due to an accounting error, which could allow the Biden administration to send more weapons without needing budget approval from Congress. The error was caused by the Pentagon using replacement costs to value the arms. The mistake was discovered during an investigation, and Congress was informed of the issue on Thursday. The accounting error could have a significant impact on the US's military aid to Ukraine, which includes just over $46.5 billion for military support.
Originally Published 2 years ago — by Newser
The Pentagon has discovered an accounting error that overestimated the value of weapons sent to Ukraine by at least $3 billion. This could allow the Defense Department to send more weapons without asking Congress for more money. The error was caused by officials overvaluing some of the systems sent to Ukraine. The mistake hasn't constrained US support to Ukraine or hampered the ability to send aid to the battlefield. The US has provided Ukraine nearly $37 billion in military aid since Russia invaded in February 2022.
Originally Published 2 years ago — by CNN
An accounting error has freed up $3 billion in military aid for Ukraine, which will be used to purchase weapons and other equipment to help in their ongoing conflict with Russia. The error was discovered during an audit of the Defense Department's 2020 budget, and the funds will now be redirected to Ukraine.
Originally Published 2 years ago — by The Associated Press
The Pentagon has overestimated the value of the weapons it has sent to Ukraine by at least $3 billion, which could allow the Defense Department to send more weapons now without asking Congress for more money. The error was caused when officials overvalued some of the systems sent to Ukraine, using the value of money it would cost to replace an item completely rather than the current value of the weapon. This could free up more money for critical weapons as Ukraine is on the verge of a much anticipated counteroffensive.
Originally Published 2 years ago — by The Hill
The Pentagon has overestimated the value of the military aid sent to Ukraine by at least $3 billion due to an accounting error, according to a defense official. The mistake was discovered during the oversight process of presidential drawdown packages. The over-valuation has not impacted the support to Ukraine, and the Biden administration won't have to ask Congress to authorize more aid for Ukraine in the near future. Some Republican lawmakers expressed frustration at the error, saying the funds could have been used for extra supplies and weapons for the upcoming counteroffensive.