BearingPoint admits to accounting error
BearingPoint has overstated its accounts by $92.9m (£49.2m), and CFO Robert Falcone has announced his retirement at the end of November.
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The US firm, which changed its name from KPMG Consulting in 2002, told the New York stock exchange that it had overstated its accounts receivable by $92.9m and its unbilled revenue was understated by the same figure.
The corrections had ‘no effect on its previously reported net income, earnings per share or operating cash flow,’ the firm announced.
Falcone’s retirement is reportedly not linked to the accounting error.
‘We appreciate Bob Falcone’s service as CFO during an important transitional time for the company,’ said Roderick McGeary, chairman and CEO.
Its finance team has been strengthened with the appointment of Jeffrey Anderson as head of finance and administration and Thomas Wilde to lead finance operations.