BusinessCompany NewsXerox may be forced to restate results

Xerox may be forced to restate results

Xerox may be forced to restate its results if the Securities and Exchange Commission confirms its belief that the company has broken accounting rules.

The US financial watchdog, the SEC, is understood to believe that Xerox broke accounting rules for accounting for equipment leases, the FT reported today.In a regulatory filing the company said it thought its results were in line with accounting principles.

The SEC’s office of chief accountant is understood to have told the company that its ‘methodology for accounting for sales-type leases does not follow the methodology required’.

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