Saturday, November 10, 2007

SEC regulators frown on Diebold reporting methods& delays:Areas of potential fraud

Diebold delays 3rd-quarter report, and apparently the 2nd quarter too, while they "try to decide" how to report revenues - especially of stuff "sold" - but not yet delivered....
My Sirs, your handbasket awaits...

http://www.cleveland.com/plaindealer/stories/index.ssf?/base/business-0/119468750098290.xml&coll=2

From the PD:
BUSINESS DIARY
Saturday, November 10, 2007

MANUFACTURING

Diebold delays 3rd-quarter report

Diebold Inc. said in a filing with the U.S. Securities and Exchange Commission that it will miss the deadline for filing its financial statements for the third quarter that ended Sept. 30. The company also has not filed a report for the second quarter that ended June 30. Discussions with the SEC over the company's use of the "bill and hold" method of reporting revenue delayed the filings. The Summit County maker of automated teller machines agreed last month to stop using bill and hold, which recognizes revenue after a product is sold but before it is shipped. Regulators frown on the method, which they say is an area for potential fraud. Diebold said it would file the reports after it determines the most appropriate method for recognizing revenue.

1 comment:

honest said...

...but is democracy going to be in that handbasket? Or Honest BOE's?

oh, heck, my ATM at my bank is Diebold. oh whooppee