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Wednesday, 26 September 2007 10:35

EDS settles over accounting irregularities

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SECS and violence

 

Electronic Data Systems will pay $500,000 to settle an investigation into accounting irregularities.

The Securities and Exchange Commission posted the settlement on its website saying that EDS failed to fully disclose the costs of some derivatives contracts.

The company used faulty assumptions to estimate revenue and expenses for a large contracts and didn't adequately disclose "an extraordinary transaction" with a major customer that boosted EDS's reported cash flow by $200 million in 2000.

SEC did not like the fact that a former employee bribed officials in India. As part of the settlement, EDS neither admitted nor denied wrongdoing although one wonders why they paid $500,000 if they had done nothing.

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