From AAO Weblog
And they’re not the only ones setting the controls of the WABAC machine for the early 1990’s.
Sherman and Mr. Peabody, the dog and his boy who went back in time to fix mistakes in history with the aid of the WABAC machine (as in “wayback”), would be busy with backdating right now. If they were around.
In this nonreliance 8-K, game maker Activision took its financial information from 1992 to 1996 out of service. No hints as to the amount of compensation adjustment, nor tax effects, nor specific years that were most affected by improper dating. Just the promise of restated financials ahead. Instead of “back to the future,” we’re looking “forward to the past.”
Also spending time with the WABAC machine: Trident Microsystems. According to this 8-K, they’ll be restating from 1994 to 2006, adding an estimated $40 to $50 million of incremental compensation expense. Actual results may vary.
Another trip forward to the past will be taken by Actel. In this nonreliance 8-K, they outline their plans to restate from 1996 to 2006. No clues as to amounts.
This will be a pretty taxing annual report season for some analysts. Not only will there be plenty of current history to digest, there’ll be tons of rewritten history to chew on as well.
http://www.accountingobserver.com/blog/
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