SEC Asks Kroger and Albertsons for Accounting Data
By George Anderson
The Securities and Exchange Commission (SEC) has asked Kroger and Albertsons to provide it with information on how the companies account for vendor payments.
According to Reuters, Kroger said “it believed the review was part of regular SEC activities mandated by the Sarbanes-Oxley Act, which aims to curb accounting irregularities.”
Moderator’s Comment: Do grocery industry accounting
methods need to be overhauled?
Beyond the vendor payment issue, a RetailWire member recently
asked us to pose the following question. With the ability today to track units
not just dollars, why do companies continue to cling to an outdated method of
inventory tracking and all the complexities that come with retail accounting?
[George
Anderson – Moderator]