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Alico’s $2.5 Million Accounting Error Went Undiscovered For Seven Years
Agribusiness firm says it just recently discovered years of inaccurate calculations.
February 6, 2023
Alico, Inc. (ALCO), a citrus farming and land management company, has been miscalculating its deferred tax liabilities (DTLs) for seven years. The calculation errors— which spanned fiscal years 2015-2019— weren’t discovered, Alico says, until an audit of its financial statements for the period ending September 30, 2022.
The company restated its balance sheet which resulted in a cumulative increase in Alico’s Retained Earnings of approximately $2,512,000.
The error was first disclosed in the company’s latest annual report.
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