Overstock. com, also referred to as O. co, with head office in Sodium Lake Town, Utah begun in 1999 by Patrick H. Byrne, their CEO and Chairman of the Board of Directors. Byrne " recognized the potential in liquidating excessive inventory throughout the Internet. Until then, buyers had relied upon outlet centers with crowds and limited product options for finding deals, and tiny retailers found little get into the associated with closeout merchandise" (O. company, 2010). Interim, the art of online shopping seemed to be skyrocketing. In 1999 Overstock. com reported a " $1. eight million in annual earnings to over $1 billion in revenue in 2010. Overstock. com is actually a major on the net retailer providing a wide variety of top quality, brand name items, including bedsheets, home decor, devices, watches, jewelry, electronics, sports, clothing and shoes. They offer customers with convenient purchasing while offering producers, distributors and other retailers another solution sales channel" (Commerceinterface, 2011).. But , were these characters correct? A few take a deeper look into the information issued by simply Overstock. com.
OVERSTOCK. COM: UNUSUAL/CONFLICTING ACCOUNTING CONCEPTS IMPACT
Overstock. com has recently received negative publicity because of some decisions regarding GAAP, internal accounting policies and their relationship with external auditors that has triggered the company to have to restate their published economical statements heading back to 2008. In their 2010 10K statement on page nineteen it is stated that " All of us lacked an adequate number of accounting professionals together with the necessary expertise, experience and training to adequately are the cause of and perform adequate supervisory reviews of significant orders that resulted in misapplications of GAAP. Information technology program alter and plan development settings were inadequately designed to stop changes in each of our accounting devices which generated the inability to correctly capture and...
References: Antara, Sam Electronic. (2010, Feb 7). Overstock. com need to restate budget again. Recovered from: http://seekingalpha.com/article/187066-overstock-com-must-restate-finances-again
Antar, Mike E
Antara, Sam. (2010). Case study on overstock. com. (p. 9). Retrieved coming from: http://cleveast.imanet.org/Meonske/43010OverstockComAntar.pdf
Blodget, They would
Commerceinterface. (2011). Overstock. com integration-Overstock products on hand control. Retrieved from: http://www.commerceinterface.com/channel-management/overstock-integration
FAQ is. org
U. co Investor. (2010). FAQ 'S: Precisely what is overstock. com 's mission statement and vision? Gathered from: http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-faq#28707