Diebold to Restate Results Following ProbeBy Baselinemag | Posted 2008-01-15 Email Print
Diebold said it would restate its financial results for 2003 through 2006 and the first quarter of 2007 after a regulatory review that led it to adopt a new accounting method for recognizing revenue.NEW YORK(Reuters) - Diebold Inc., a maker of automated teller machines, said on Tuesday it would restate its financial results for 2003 through 2006 and the first quarter of 2007 after a regulatory review that led it to adopt a new accounting method for recognizing revenue.
The company, whose accounting has come under scrutiny by the U.S. Securities and Exchange Commission and U.S. Department of Justice, said it would file amended financial statements as soon as possible after its review is completed, expected by the end of January.
Effective immediately, Diebold said it would recognize revenue at the same time a product is delivered to a customer.
The probe and the company's own review have centered around its use of "bill and hold" revenue recognition. Under "bill and hold," a sale is recorded and ownership is given to a customer, but delivery takes place in a later period.
Diebold said the government investigations are continuing. (Reporting by Lilla Zuill; editing by John Wallace)
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
IT Solutions Builder TOP IT RESOURCES TO MOVE YOUR BUSINESS FORWARD
Which topic are you interested in?
What is your company size?
What is your job title?
What is your job function?
Searching our resource database to find your matches...