Hertz Accounting Restatements

Hertz Global Holdings, Inc., filed its 2014 Form 10-K with restated results for 2012 and 2013 as well as selected unaudited restated financial information for 2011.

Hertz addresses the issue of non-G A A P financial measures including EBITDA, Corporate EBITDA, and how these amounts were calculated.

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By comparing the validity of these amounts to pretax G A A P income, Hertz mislead readers into thinking that non-G A A P measures of earnings may be as reliable as G A A P amounts.

Restatements Due to Errors in Accounting and Reporting

Accounting Errors that Trigger Financial Statement Restatements

Category	Cause of Restatements
Revenue recognition	Improper revenue recognition, including questionable items and misreported revenue
Expense recognition	Improper expense recognition, including period of recognition, incorrect amounts; includes improper lease accounting
Misclassification	Improper classification on income statement, balance sheet, or cash flow statement; includes non-operating revenue in the operating category; cash outflow from operating activities in investment activities
Equity	Improper accounting for E P S; stock-based compensation plans, options, warrants, and convertibles
Other comprehensive income (O C I)	Improper accounting for O C I transactions, including unrealized gains and losses on investments in debt and equity securities, derivatives, and pension-liability adjustments
Capital assets	Improper accounting for asset impairments; asset-placed-in-service dates and depreciation
Inventory	Improper accounting for valuation of inventory, including market adjustments and obsolescence
Reserves/allowances	Improper accounting for bad debt reserves on accounts receivable, reserves for inventory, and provision for loan losses
Liabilities/contingencies	Improper estimation of liability claims, loss contingencies, litigation matters, commitments, and certain accruals

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