Overstock.com (the Company) Recently Received Research Paper

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Overstock.com ridiculously claimed that the collection of the entire amount of its under-billings (every single penny) "was not assured" and instead falsely claimed that a "gain contingency" existed rather than make a reasonable estimate of uncollectable amounts as required under SFAS No. 5. Therefore, Overstock.com improperly recognized income from under-billed fulfillment partners as amounts due to the company were collected on a non-GAAP cash basis, rather when they were earned under accrual accounting or GAAP. (Anatar, 2010)

Overstock.com violated it published mission and vision statements, which are taken directly from the Company's website -- Overstock.com. "Overstock.com's Mission: To save people money. Overstock.com's Vision: Overstock.com provides online shoppers with the best value and a superior customer experience.

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We are honest, helpful, efficient, accountable, and trustworthy, and are committed to profitability and service." (FAQ's, 2010) the Company could have mitigated the impact of the situation by issuing a public apology and admitting their mistakes, instead the CEO of the Company Patrick Byrne, CEO showed his total disregard for the rules in place for public companies by publishing the following statement in a press release. "Byrne opens the letter by quoting Nietzsche: "All things are subject to interpretation; whichever interpretation prevails at a given time is a function of power and not truth." (Newquist, 2009).....

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"Overstock Com The Company Recently Received" (2012, December 05) Retrieved May 18, 2024, from
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"Overstock Com The Company Recently Received" 05 December 2012. Web.18 May. 2024. <
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