Financial Accounting Blog

Monday, May 03, 2004

Forbes reports Global Crossing Ltd has named Deloitte & Touche as their new accounting firm.
The developments come less than a week after the embattled telecommunication network company said it would restate 2003 earnings, review its 2002 results and delay reports for this year.

The Bermuda-based firm, which recently emerged from bankruptcy protection, said it understated liabilities for access charges -- fees paid to other phone companies for connecting calls -- in its 2003 financial statements by $50 million to $80 million.