ATM and voting machine maker Diebold said that the Justice Department, in addition to the Securities and Exchange Commission’s Office of the Chief Accountant, has been investigating its accounting practices.
The main issue has been the company’s prior practice of recognizing certain revenue on a bill-and-hold basis. These are situations when ownership of a product passes contractually to a customer, but the revenue is recognized by the supplier prior to the delivery of the products.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access