Business Services Industry
Credit Acceptance Corp. may need new accounting method.(News)(Brief Article)
Crain's Detroit Business, April, 2005
Byline: Anjali Fluker Southfield-based Credit Acceptance Corp. says its auditing firm, Deloitte & Touche L.L.P., earlier this month recommended that the company use a different loan-accounting method, which would require previously released results to be restated a second time. New York City-based Deloitte & Touche said it changed its position on Credit Acceptance's accounting methods after re-examining previously available information, according to a release.
Credit Acceptance is reviewing Deloitte's new position and likely will seek the guidance of the U.S. Securities and Exchange Commission, the release said. Credit Acceptance also is facing possible delisting from the Nasdaq National Market for not being able to file its annual 10-K report. The...
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