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.
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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