Electronic Data Systems has postponed the release of its third quarter 2004 earnings for the second time, as it continues to negotiate with its auditor KPMG over the value of assets in its largest contract with Navy Marine Corps Intranet.
Link: EDS fights back against BSkyB lawsuit
KPMG has also brought to the attention of the IT services group’s audit committee certain issues concerning its quarterly bonus plan accruals in 2003 and 2004.
The outcome could result in revisions to quarterly financial statements of 2003, but EDS said it ‘does not believe these issues will affect its reported financial results for that full year’.
The company was due to report third-quarter earnings on 25 October. Independent counsel and accounting advisers are assisting the audit committee in its investigation of the company-wide bonus scheme. The company said it did not expect a ‘material adverse effect on its financial results or its credit facilities or debt instruments’.
KPMG will not be able to complete its interim review of EDS’ financial statements for the quarter ended 30 September 30, until the audit committee concludes its inquiry.
The numbers you crunch tell a story. Your expertis...
20yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWe all understand the role of lawyers in an arbitration, to argue over points of liability and who was at fault. But most commercial cases are brought...
View articleAn anonymous corporate finance veteran with over 20,000 hours of experience unlocks invaluable insights by pulling back the curtain on the rarely seen...
View articleThe UK's National Living Wage increase to £11.44/hr demands significant adjustments in payroll and reporting for accountants, impacting compliance, fi...
View articleThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View article