Xerox Says SEC Faults Accounting Methods
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Xerox Corp. said the Securities and Exchange Commission notified the biggest maker of copiers that it was booking sales of equipment and services inaccurately, in a manner that may inflate results.
The SEC’s chief accountant said the method used to recognize the timing of revenue from lease purchase agreements “does not follow” established procedures, Xerox said in a regulatory filing.
In May, Xerox restated its financial results for the first nine months of 2000, in part to reflect the misapplication of accounting procedures for leases. Xerox said the differences cited by the SEC are immaterial. The company, which has lost money in four of the last five quarters, has been the subject of an SEC investigation since at least June 2000.
Xerox shares lost 17 cents at $9.88 on the New York Stock Exchange.
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