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How we conquer these challenges depends on our ability to manage the lack or misapplication of talent, skill, or knowledge that is causing the problem.
Specifically, the firms failed to catch a misapplication by issuers of an Emerging Issues Task Force pronouncement related to the classification of long-term debt that in many cases resulted in restatements.
On February 14, 2002 Raining Data Corporation announced that it intended to delay the filing of its Form 10-QSB for the quarter ended December 31, 2001 pending the restatement of its financial statements for the fiscal year ended March 31, 2001, and each of the quarters in the six quarterly periods ended September 30, 2001, due to the misapplication of certain accounting standards discovered in the course of the Company's quarterly review conducted by the Company's newly appointed independent auditor, KPMG LLP.
The Postal Service could have taken administrative action to cure its own misapplication of the CMR, but did not even after it was asked to by Congress.
Other Changes - As part of its internal review, AIG has considered the application of certain accounting principles to specific businesses and transactions, and has determined that errors, including misapplications of GAAP, require that certain changes be made to its financial statements.
It exposes common Agile misapplications and shows how real performance improvement can be achieved by finding and eliminating specific weaknesses tied to each organization's culture.
Based on preliminary information currently available, the Company anticipates that the restatement of its financial statements due to these misapplications of accounting standards will result in an approximately $1.
The ASB, to reduce misunderstandings and misapplications, placed the guidance into the main body of SAS no.
Consequently, there are widespread misapplications of federal income tax codes based on rumors, half-truths and misconceptions by the public, tax professionals and IRS agents.
The board should not create any additional defective uses of present value in new standards; it should eliminate misapplications in existing standards.
In conducting the audits, Brite looks for misapplications of rates, taxes and tariffs, as well as errors in quantities billed.