New US tax laws and revenue accounting rules have led to an increase in the number of accounting errors by public companies, with Seneca Foods and Camping World Holdings among those affected, according to preliminary data from Audit Analytics. The audit found that between 2010 and 2015, there were more than 1,000 cases where a company reported inaccurate information about its income or loss for one year but did not correct it within two years. Seneca underestimated its 2017 revenue by $16.5m, and refiled with the correct figure of $1.26bn, while Camping World uncovered an error in how it had recorded a deferred tax asset.
New US tax laws and revenue accounting rules have led to an increase in the number of accounting errors by public companies, with Seneca Foods and Camping World Holdings among those affected, according to preliminary data from Audit Analytics. During H1 2018, 65 companies detected accounting mistakes serious enough to warrant a complete refiling, reversing a decade-long trend of improvement. Seneca underestimated its 2017 revenue by $16.5m, and refiled with the correct figure of $1.26bn, while Camping World uncovered an error in how it had recorded a deferred tax asset.