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Atlas, based in Purchase, N.Y., has said the results were restated because of errors in accounting for inventory, bad debts and maintenance.
The reason for the delay was the discovery of problems with its "vendor allowances and accounting for inventory," in which credits were "recognized prematurely as reductions of cost of merchandise sold".
As long as you're huddled with your financial advisers, you might want to start preparing for the potential phase-out of the "last-in, first-out" (or LIFO) method of accounting for inventory.
The plan correctly acknowledges that many corporate tax reforms — including changes in the accounting for inventory — raise revenue only temporarily, as businesses transition to the new system.
But on May 24, the company told the S.E.C. that it would put off filing its annual report until it could investigate "certain irregularities relating to the appropriate timing for the recognition of vendor allowances and the accounting for inventory".
The company said at the time that it was reviewing its accounting for inventory as well as payments by suppliers known as vendor allowances, and obtained a 15-day extension from the Securities and Exchange Commission.
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Centerpulse said last week that the Securities and Exchange Commission began an informal inquiry into how its United States subsidiary accounted for inventory.
[Page C2.] Hugo Boss Says Profit Will Fall Hugo Boss, the large German apparel company, said mistakes in the way it had accounted for inventory last year at its operations in the United States would cause 2002 profit to fall short of expectations.
Hugo Boss, the large German apparel company, said today that mistakes in the way it had accounted for inventory last year at its operations in the United States would cause 2002 profit to fall short of expectations.
Business returns that need to account for inventory, depreciation and employee costs are outside the expertise of VITA volunteers.
Tra I and Tra II harbor 15 and 5 PARCEL-containing ORFs, respectively (Additional file 7), together accounting for the larger inventory of these ORFs in the Mcc Kid genome over that of Mmm SC (see also Figure 5).
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