London (June 28, 2002) - Embattled Xerox Corp. said Friday that it would restate its revenues over the past five years by nearly $2 billion.

But the Wall Street Journal reported that the total amount of revenues improperly recorded from 1997 to 2001 could be more than $6 billion, which sent the stock into a free fall in early trading on Friday.

When the Securities and Exchange Commission settled a previous fraud case with Xerox in April, it figured the company recorded $3 billion in improper revenues for that time period. The SEC also found the company did not properly account for $1.5 billion of earnings over the four-year period.

As part of that settlement, Xerox paid the government a $10 million penalty.

-- Electronic Accountant Newswire staff

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

Don't have an account? Register for Free Unlimited Access