Hertz further disclosed that the planned restatement is due to errors relating to, among other items, the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts
in Brazil, allowances for uncollectible amounts with respect to renter obligations for damaged vehicles, and restoration obligations at the end of facility leases.
Further, the B3 rating reflects the risks related to the company's financial reporting including allowances for doubtful accounts
and related party transactions," Moody's said.
Excluding charges for reorganisation and allowances for doubtful accounts
worth 13 cents per share, Baker Hughes earned 31 cents a share.
that exhibit markedly different historical patterns in the estimation and use of their allowances for doubtful accounts
Specifically, it is claimed that FEED and the other defendants misrepresented and/or failed to disclose the following adverse facts: (i) AgFeed's collection efforts and credit dealings with its animal nutrition customers were not working because the "formula based analysis" AgFeed relied on in determining accounts receivable and reserves for doubtful accounts was flawed; (ii) allowances for doubtful accounts
were undervalued; (iii) accounts were overvalued and bad debts were undervalued, causing reported asset values to be overstated and expenses to be understated; and (iv) as a result, AgFeed exaggerated its market edge creating an illusion of heightened profitability.
Irregnlarities in AM's sales revenue recognition were pointed to, along with an understatement of allowances for doubtful accounts
, AM's failure to disclose certain accounting changes having a material effect on the financial statements and other alleged violations of generally accepted auditing standards and generally accepted accounting principles.
Domestic Brokerage Group ("DBG") Issues - A review of allowances for doubtful accounts
and other accruals recorded by certain DBG member companies has led AIG to conclude that the allowances related to certain premiums receivable, reinsurance recoverables and other assets were not properly analyzed in prior periods and the appropriate allowances were not properly recorded in the consolidated financial statements.
Specifically, Defendants incorrectly reported Topaz' financial position by, inter alia: overstating inventory, understating allowances for doubtful accounts
and improperly recognizing revenue.
The Company maintains allowances for doubtful accounts
for estimated losses resulting from payers' inability to make payments on accounts.
The increase in costs was primarily due to charges totaling $950,000 for increases in allowances for doubtful accounts
, professional and legal fees.
The complaint says the company recently acknowledged that it had overstated revenues and understated allowances for doubtful accounts
The action charges that the Company recently acknowledged that revenues were overstated and allowances for doubtful accounts