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To my Fashion Business Students (and everyone else who cares). Macy's Accounting Adjustments: A $151M Shock Macy's uncovered $151 million in false bookkeeping entries, leading to major revisions in its financials. Net income for 2023 was corrected to $45 million—down 57% from the initially reported $105 million. Pretax income was also adjusted to $43 million, a 65% drop from the booked $124 million. These restatements significantly alter Macy's reported earnings, prompting investors and analysts to reassess its financial stability. While the causes remain unclear, this case highlights the critical need for transparency and accuracy in financial reporting. Dive deeper into the details in Mark Maurer’s WSJ article.  #AccountingMatters #FinancialTransparency #RetailInsights

𝐌𝐚𝐜𝐲’𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐯𝐞𝐚𝐥𝐬 $𝟏𝟓𝟏 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐌𝐢𝐬𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭 NEW YORK, Dec. 11, 2024 — Macy’s, Inc. has provided further details regarding an employee’s intentional accounting misstatements, which resulted in the concealment of approximately $151 million in delivery expenses over nearly three years. This revelation, disclosed during the preparation of Macy’s unaudited financial statements for the quarter ending November 2, 2024, has triggered a revision of historical financial data and highlighted lapses in internal controls. Investigation Unveils Intentional Misstatements The independent investigation, conducted with forensic accounting support, found that a single employee responsible for small package delivery expense accounting had deliberately made erroneous accrual entries from the fourth quarter of 2021 through the third quarter of 2024. Macy’s clarified that the misstatements did not impact net cash flows, inventories, or vendor payments. ✨ Discover the full article on The Accounting Times website by clicking the link below. #Macy’s #Accounting #Investigation https://lnkd.in/eD5NyxYj

Gies Accounting professor Nerissa C. Brown is featured in the Wall Street Journal's CFO Journal discussing Macy’s quarterly results delay due to intentional accounting errors. An internal investigation uncovered that an employee, responsible for delivery expense accounting, hid up to $154 million of delivery expenses over the last three years. More: https://lnkd.in/gpHqvhyK.

Let HHI Solutions take the stress out of your year-end close. Our team ensures your books are accurate and deadlines are met, so you can focus on running your business—or enjoying your holidays. #walmart #cpa #accounting #lawfirms #takingcareofbusiness

🚨 Why Accurate Bookkeeping is Non-Negotiable 🚨 Macy's recently made headlines for delaying its Q3 earnings report after uncovering that an employee concealed up to $154 million in expenses over several years. This misstep isn't just about financial statements—it’s about trust, transparency, and the ripple effect of unchecked bookkeeping. For small businesses, this serves as a cautionary tale: 💡 Accurate bookkeeping is your first line of defense against hidden discrepancies. 💡 Regular financial reviews can catch issues before they escalate. 💡 Transparency in your finances isn’t optional; it’s the foundation of sustainable growth. Don't let preventable errors derail your business. Whether you're managing a growing team or expanding your operations, reliable bookkeeping can protect your bottom line—and your peace of mind. 📊 Ready to get your books in order? Let’s chat! COMMENT below or DM. #SmallBusiness #Bookkeeping #FinancialTransparency #BusinessGrowth #Accounting #Retail #Macys #Expenses #errors #analysts #earnings Read the full article here: https://lnkd.in/gf8BBVAB

Macy's "identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024," Read More Here: https://lnkd.in/dc5hQMtd

The $154 Million Wake-Up Call: Why Checks and Balances Are Non-Negotiable in Accounting This week, the revelation that a Macy’s employee concealed up to $154 million in expenses over three years sent shockwaves through the corporate world. As financial leaders, it's a stark reminder that while accounting is a powerful tool, we cannot afford to run it blindly. Accounting systems provide the foundation for decision-making, resource allocation, and strategic planning. But like any tool, they require oversight. Robust internal controls, diligent audits, and a culture of accountability are the cornerstones of a resilient financial framework. When we bypass or undervalue these safeguards, we expose organizations to unnecessary risks. In Macy’s case, this lapse not only delayed their quarterly earnings report but also put a spotlight on the fragility of unchecked systems. Let this serve as a lesson: implementing regular reviews, independent reconciliations, and transparent reporting isn’t just about compliance. It’s about protecting the trust our stakeholders place in us. How do you ensure your organization’s checks and balances remain strong? Let’s discuss!

Macy's $154 million accounting error has caused delays in earnings, raising questions about internal controls. Learn why experts urge stronger audit systems for retailers.

Macy's $154 million accounting error has caused delays in earnings, raising questions about internal controls. Learn why experts urge stronger audit systems for retailers.

Macy's $154 million accounting error has caused delays in earnings, raising questions about internal controls. Learn why experts urge stronger audit systems for retailers.