Backdating may seem to be a dot-com phenomenon, but The Home Depot Inc. disclosed on Dec. 6 that it routinely awarded backdated stock options to employees for 20 years. Experts in corporate accounting say the admission not only indicates the company may have violated accounting and tax rules, including overstating its net income by failing to properly account for the options grants, but also suggests a serious failure of corporate controls.
December 14, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Home Depot Inc.’s admission that for 20 years it routinely awarded backdated stock options to employees indicates the company may have violated accounting and tax rules, including overstating its net income by failing to properly account for the options grants, according to experts in corporate accounting.
They said it also suggested a serious failure of corporate controls.
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