From the course: Advanced Bookkeeping Techniques
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Accounting restatements: The case of Groupon
From the course: Advanced Bookkeeping Techniques
Accounting restatements: The case of Groupon
- In 2010 Groupon was described as the fastest company in history to reach a market value of $1 billion. - As Groupon prepared to do its initial public offering, its IPO, in 2011, there was talk that the company could be worth as much as $30 billion - But then accounting came into play. In the United States, before a company can offer its shares to the public, it has to file a prospectus with the Securities and Exchange Commission, the SEC. - Among other things, this prospectus contains the audited financial statements of the company with income statements going back to cover the most recent three years. - On August 10th, 2011, Groupon filed its prospectus with the SEC. In the income statements included in that prospectus, Groupon reported these revenue numbers. 2008, $94,000 2009, $30 million. And in 2010, $713 million. - That's great. That is pretty fast growth. Based on high future growth expectations…
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