Financial reporting

The retailer trimmed its profit outlook after concluding its investigation into an employee plot to hide millions of dollars in expenses.

An injunction from a federal court has paused CTA enforcement, but not eliminated the possibility of it in the future.

A federal district court has issued a preliminary injunction to prevent the government from enforcing the Corporate Transparency Act.

The fiscal year-end brings a cycle of intense workloads that can extend into the new year, as accountants and auditors work to close the books.

The investigation determined that "the conclusions EY stated in its resignation letter were not supported by the facts examined in the review."

The retailer said the incident involved only one former employee, who had hidden as much as $154 million of delivery expenses since 2021.

An employee "intentionally" made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years.

The Governmental Accounting Standards Board is focusing on advancing its digital financial reporting taxonomy.

The company failed to follow GAAP when it evaluated its less-than-truckload operations in 2019 and 2020.

The move follows an accounting scandal that has wiped out billions of dollars in market value and drawn investigations by the DOJ and SEC.