Homestore.com Made Up $95 Million In Revenue

from the oops dept

Yet another reason why you should never trust financial statements. Homestore.com has admitted that (oops) they had recorded $95 million in ad revenue that they never actually got. It seems they were accounting for stuff they "bartered" for as actual revenue. This is the reason you hire an accountant in the first place... to make sure such things don't happen. I wonder how it gets to the point that $95 million goes by and no one questions it?