Happy to contribute the CPA perspective to The New York Times' coverage of Macy's Thanksgiving Week Accounting Error.
Here's my take:
This sort of accrual journal entry mistake is easy to make. But was it a mistake? The account from Macy's doesn't quite add up.
Macy's said that a single employee "intentionally" hid up to $154 million in delivery expenses over several years. But would any accountant do this acting alone?
Macy's says all vendors were paid, and cash flow was not impacted.
So what's the motive? As I told the Times, it's a mystery.
