Bigger Problems for ADM Lurk Within Small Accounting Error Fix

The accounting problems at Archer-Daniels-Midland Co. were big: the CFO was suspended, federal authorities investigated, and the stock price plummeted as the company announced a probe into its accounting practices earlier this year.

When it came to correcting actual numbers, however, the company went small. The commodities giant on Tuesday revised three years of results for the operating segments at the center of its accounting woes via a so-called “Little R” revision, a quiet correction that doesn’t require the fanfare of releasing a special 8-K announcing a restatement or re-issuing old financial reports.

ADM tucked the corrections into its 10-K ...