Barnes & Noble Education (BNED), a college bookstore operator and apparel retailer, lost more money in FY 2021 than it originally reported. One year after reporting 2021 results, Barnes & Noble discovered errors in how it reported income tax benefits related to its deferred tax valuation allowance, restructuring, and other charges related to severance costs.

In its latest annual report, Barnes restated FY21 results. The adjustments— in thousands— are as follows:

—Restructuring and other charges $718
—Operating loss ($718)
—Loss before income taxes ($718)
—Income tax benefit $7,305
—Net loss ($8,023)
—Diluted EPS ($0.16)

The company says there was no impact on cash flows.

The errors are the equivalent of 6.08% of net income and 6.03% of Diluted EPS.

Management blamed “insufficient precision” when reviewing the company’s tax asset valuation allowance for the error. It also acknowledged a related control deficiency, which means it’s reasonably possible a material misstatement may not be detected or prevented quickly.

It’s not the only allowance deserving of additional scrutiny.

Separately, for the fiscal year ended April 30, 2022 Barnes says it’ll apply to change its tax year from January to April. The year-end change, according to Barnes, eliminates the long-term tax payable associated with the LIFO reserve in other long-term liabilities.

The move instantly improves Barnes’ balance sheet, reducing other long-term liabilities by at least $23.3 million, or 27.6% of total liabilities. The change also resulted in a $7.8 million tax refund with $22.6 million more on the way.