TRU rejigs results

Toys R Us adjusts results after finding errors in its income tax reporting.
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The firm said in a regulatory statement that it had changed the accounting method for valuing its international wholly-owned subsidiaries’ merchandise inventories from the retail inventory method to the weighted average cost method.

"In the fourth quarter of fiscal 2006, we identified errors in the way we had previously accounted for income taxes," the firm said in a statement. "We did not properly record deferred tax accounts on a net basis by legal entity and taxing jurisdiction. As a result, we have restated the accompanying Condensed Consolidated Balance Sheet as of July 29, 2006."

Toys R Us restated net sales and expenses to reflect increases of $19 million and $35 million for the quarter and fiscal year ending July 29th, respectively.

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