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

(Reuters) - EBay Inc (EBAY.O) said on Monday it had found that it improperly accounted for tax on certain transactions completed in December, which constituted a material weakness in its internal control over financial reporting.

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. http://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)