Between options backdating, faulty financial reporting and shaky numbers crunching, many companies throughout the IT industry continue to grapple with earnings restatements, late SEC filings and threats to be de-listed from various stock exchanges. Here is a look at 10 accounting stories you should know about, as part of your due diligence:
Apple's stock options backdating scandal is the subject of vicious satire in the current hit book, "Options," a work of fiction by Fake Steve Jobs (a.k.a. Dan Lyons, now of Forbes and formerly a CRN Senior Editor.) But in real life, Apple settled with the SEC earlier this year on charges former executives intentionally manipulated stock option dates in violation of law. The case remains open, though.
The SEC charged two former Apple executives, ex-CFO Fred Anderson, and ex-General Counsel Nancy Heinen, with fraud. Anderson subsequently settled with the SEC, but Heinen continues to fight the charges. Apple concluded that CEO Steve Jobs, the real one, knowingly did nothing wrong.