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Accounting Mistake

All articles tagged with #accounting mistake

business2 years ago

Discover Financial Faces Stock Plunge and Regulatory Scrutiny Amid Accounting Mistake and Profit Miss

Discover Financial Services (DFS) saw its stock drop over 8% in after-hours trading after the company disclosed an accounting mistake and a Federal Deposit Insurance Corp. (FDIC) probe. While the company reported better-than-expected quarterly earnings, it revealed that it had misclassified certain credit-card accounts and made accounting errors dating back years. Discover has corrected the mistake and calculated a liability of $365 million for potential refunds to affected merchants. An external law firm is investigating the matter, and the company is in discussions with regulators. Additionally, Discover received a proposed consent order from the FDIC related to consumer compliance.

via Morningstar|
#accounting-mistake#business#dfs
politics2 years ago

"Pentagon's Accounting Error Results in $3 Billion Excess for Ukraine Aid"

The Pentagon has discovered an accounting mistake that has freed up at least $3 billion to keep Ukrainian troops supplied in their war against Russia over the next several months. The Biden administration has been under bipartisan pressure to explain how it intended to continue supporting Ukraine without asking Congress to replenish its budget. The mistake was met with frustration and anger, as some lawmakers criticized the Biden administration for what they said was an extremely troublesome error. The administration has not yet requested new drawdown authority or additional funds for Ukraine to be included in the budget for next fiscal year, which begins on October 1.

via The New York Times|
#accounting-mistake#congressional-pressure#pentagon