Thursday, February 15, 2018 12:28:08 PM
As a Senior internal auditor, I'm sure you've seen Sale Returns and Allowances on financial checklists, and throughout your career.
For anyone not familiar with 'What are Sales Allowances'
Sales allowances reduce gross sales. They are adjustments (to the selling price) for a variety of things such as short shipment, late delivery, receipt of damaged goods, incorrect unit prices billed to the customer, etc.
As per GAAP Accounting, a reserve for sales returns and allowances is required. Steve Berman excludes this which is part of the reason the revenues are overstated. (If he recorded a reserve, he would be required to disclose it in a footnote. This was not done.)
As always, JMO
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