By Will Sturgeon, 25 April 2002 07:55
NEWS Xerox yesterday announced it is to delay reporting its restated results, claiming it is currently unable to meet new accounting rules. Xerox's results will come in for even more scrutiny than usual following a charge from the Securities and Exchange Commission earlier this month which related to dodgy accounting practises which were used for reporting past quarters' results. Xerox had reportedly overstated its equipment revenues by $3bn and increased pre-tax earnings by about $1.5bn Xerox's transgression of reporting rules cost it a record fine of $10m. The photocopier manufacturer subsequently agreed to restate its results which it now must do by 30 June at the latest.
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