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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
An accounting error in January had left bank without the capital that it needed to grow.
The cuts follow a major $92 million accounting error revealed earlier this week.
Chairman Robert Ingram, who led internal investigations that uncovered an accounting error earlier this month, is also reportedly considering resigning.
The accounting error prompted a major restructuring
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 comes after a probe for Tesco by accountants Deloitte and law firm Freshfields found the accounting error was worse than first thought and that the supermarket had been overstating its earnings for years.
The accounting error compounded a sales slump, with half-year takings in UK stores falling another 4.6 per cent.
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
Hartford Financial Services Group says it made an accounting error when reporting its third-quarter earnings--a mistake that now puts the insurer in the red for 2012.
Excellus agreed to conduct outreach and ensure that all members who overpaid providers because of Excellus's accounting error receive restitution, and to audit and monitor its claims processing procedures to ensure these problems do not recur, under the agreement, the AG's office stated.
We certainly hope the $101.7 million is an accounting error, but until and unless the software problems are solved, it is impossible to be certain.