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February 2011 » Accounting for Unclaimed Property
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Sonia Walwyn, CPA
The normal, everyday operation of a business results in the generation of obligations that can become abandoned and unclaimed property, which is then subject to compliance requirements pursuant to state law. Understanding unclaimed property requirements and risk factors can be invaluable for accounting professionals seeking to understand the potential impact on the financial statements. When not correctly managed and reported, a historic unclaimed property liability coupled with the risk of state audits—and subsequent fines and penalties for noncompliance—can become a material issue.
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