Tyco said that such a readjustment of past figures will have no material adverse effect on its current balance sheet, its operating results or cashflows for the rest of this year.
Hoever, it is assumed the restatements will put the years that Dennis Kozlowski held the position of chief executive in a much less flattering light.
There is still the possibility that Tyco will have to make further restatements once the SEC and the group have agreed on how to handle the $630m of charges taken into account for the quarter ended 31 March 2003.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements