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Xerox pays $10m fine and restates results

More accounting drama in the post-Enron world

By Graham Hayday

Published: 2 April 2002 07:40 BST

Xerox has agreed to pay a $10m fine and restate its results for the past four years in an attempt to appease the Securities and Exchange Commission (SEC), which has been investigating the company for alleged accounting irregularities.

Xerox will now change the way it accounted for more than $2bn in revenues generated since 1997 from equipment leases.

The SEC was concerned about when Xerox reported these revenues, and how it classified the income.

The company has not yet outlined what effect these changes will have on its accounts.

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