Computer Sciences Corp. said it would restate its fiscal 2007 results after examining the impact of FASB Interpretation No. 48, or FIN 48, and discovering accounting errors for fiscal 1997 through 2007.
The company said the errors relate to CSC's accounting for income taxes and the effect of foreign currency exchange rate movements on some of its intracompany accounts. CSC said the corrections in accounting for income taxes could result in a cumulative charge of about $200 million. However, the corrections in accounting for foreign currency exchange rate movements could produce a material gain.
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