February 6, 2017 / 11:40 PM / 6 months ago

EBay finds 'material weakness' in controls over accounting for tax

1 Min Read

An eBay logo is projected onto white boxes in this illustration picture taken in Warsaw, January 21, 2014. REUTEwhite RS/Kacper Pempel

(Reuters) - EBay Inc (EBAY.O) said on Monday it had identified a deficiency in the effectiveness of a control related to its tax accounting, which constituted a material weakness.

However, eBay said it would not have to restate financial results for any prior period due to the issue, which impacted the deferred tax asset and income tax benefit accounts. bit.ly/2kkBI5r

The company said it plans to implement certain reviews and documentation standards by the first quarter, and expects to remedy the issue by the end of this year.

Reporting by Narottam Medhora in Bengaluru; Editing by Savio D'Souza

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