Accounting Error

Accounting Error

Any mistake on a financial statement or other accounting measurement. An accounting error is not the result of fraud or ill intent, but rather is simply an inaccuracy. An accounting error may (or may not) be the result of negligence and, for that reason, may expose the accountant to a lawsuit.
References in periodicals archive ?
It is unclear when Mobily, Saudi Arabia's second-biggest telecoms operator, will return to profit following an accounting error that was reported last year, according to Mobily chairman Suliman bin Abdulrahman al-Gwaiz.
Unrelated to the internal review, the revised financial statements also corrected for an accounting error, primarily for understated interest income, related to a sales-type lease transaction within the Electronic Systems segment and previously identified immaterial errors already recognized in the financial statements but not recorded in the appropriate periods.
It said, however, that no individual appears to have gained financially from the accounting error, which has led to the suspension of eight senior executives.
Mohamed Al-Khouli, member of the Shura Council's Economic Committee, demanded that those responsible for a recent accounting error made with regards to Egypt's public budget be held responsible
We're told the special audit is examining what caused the material accounting error and to look for any other surprises.
The court acknowledged that when a taxpayer deviates from a previously established accounting method, and the deviation does not have the time to become a method on its own, there exists the possibility of an accounting error.
has determined that the cumulative impact of an accounting error involving discount obligations due to members of its buyer's club programs since 1998 is a $2.
Credit Suisse has been forced to restate its earnings for 2003 after an embarrassing accounting error, which the bank dismissed as a one-off.
8 million accounting error led to the outsourcing of about 650 Jobs in the Defense Finance and Accounting Service, the Defense Department's Inspector General said.
The German government has said that concerned authorities would lead an investigation into a huge accounting error that led to the country's debt being overstated.
But Independent Shane Ross blasted: "To explain it away as an accounting error is unacceptable.
District officials blamed the mistake on an accounting error.