Published on 23 Nov 2024 on Benzinga
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The Securities and Exchange Commission (SEC) announced on Friday that it settled charges against United Parcel Service Inc. UPS for materially misrepresenting its earnings because it failed to follow generally accepted accounting principles (GAAP) when valuing one of its worst performing businesses.
The SEC found that UPS did not record a goodwill impairment for its UPS Freight business division in 2019. If UPS had properly valued Freight, its earnings and other reported items would have been materially lower, the SEC said.