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’.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor