Visit the SEC’s website (www.sec.gov), and identify a company that has been recently cited for...

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Visit the SEC’s website (www.sec.gov), and identify a company that has been recently cited for problems related to property, plant, and equipment or lease accounting (e.g., in years past, many retail companies had to restate earnings to comply with the SEC’s clarification of lease accounting). Prepare a memo summarizing the property, plant, and equipment or lease accounting issues for the company.

David · Accepted Answer

1 
Memorandum 
To: XXXX 
From: XXXX 
Date: XX-XX-XXXX 
Subject: Overstating of property value to boost the net asset and net income by Miller Energy  
 Resources in 2015.
Miller Energy Resources’ former Chief Financial Officer (CFO) and existing Chief 
Operations Officer (COO) were charged with the accounting fraud by the U.S. Securities and 
Exchange Commission (SEC) during late half of 2015 (U.S. SEC, 2015). During 2009, Miller 
Energy Resources acquired oil and gas properties in Alaska that was overstated by about $400 
million. It provided a significant opportunity for the company to get listed on New York Stock 
Exchange.

Visit the SEC’s website (www.sec.gov), and identify a company that has been recently cited for problems related to property, plant, and equipment or lease accounting (e.g., in years past, many retail...

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