Financial Accounting Blog

Wednesday, March 17, 2004

Veritas Restates Three Years of Results Veritas Software Corp. announced that it will restate its financials for the past three years as a result of an internal investigation, reported Reuters.

The probe uncovered accounting practices not in compliance with generally accepted accounting principles during 2002, 2001, and prior periods. According to the Associated Press, these practices — which included the incorrect deferral of professional services revenue and the unsubstantiated accrual of certain expenses — produced inaccuracies "that also spilled over into 2003."