It's a Mess: MSC Restating Back to 2001

Feb 16, 2005

It's a Mess: MSC Restating Back to 2001

The independent reviewers have reported back to MSC.Software, and now the company says it will have to restate all its earnings back to Jan 1, 2001.

The review are concerned about:

* Timing of the recognition of revenues.
* Completeness of the documentation required to recognize revenue.
* Appropriate cut-off procedures at the end of accounting periods.
* Accounting treatment in acquiring Advanced Enterprise Solutions.
* Other failures to comply with GAAP (generally accepted accounting principles).

There more at MSC.Software Announces a Summary of the Results of the Audit Committee's Independent Review with a list of ramificaitons for the company.

Posted at 07:55 AM in Computer-aided Design: NEWS | Permalink

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WorldCAD Access

talking about computers and design by Ralph Grabowski

Feb 16, 2005