This is where I start to question accounting. Either you know how much money you’ve made or you don’t. What’s left in the back? With today’s technology and computing power, a publicly traded company should be posting what they’ve spent, and what they’ve received on a monthly basis. It’s all electronic, so I don’t see how it can’t be done.
EETimes.com – Dell restates earnings, reveals more fraud
Dell on Tuesday filed past-due financial reports with the U.S. Securities and Exchange Commission, restating past financial reports and acknowledging more evidence of mistakes and misconduct — including fraud involving in account with an integrator in Japan.
The Round Rock, Texas-based computer maker also said it uncovered problems with its warranty accounting, and that its earnings over several-year period were less than had been publicly reported.
“The cumulative change to net income for the restatement period was a reduction of $92 million, compared to previously reported net income of more than $12 billion for the period,” a Dell spokesman said in a separate statement. “This represents less than one percent of the total net income during this period. The cumulative change to earnings per share EPS for the restatement period was 3 cents $0.03 compared to the previously reported cumulative $4.78.”