The Xerox Debacle Essay by JPWrite

The Xerox Debacle
An overview of the corporate fraud scam involving Xerox Corp.
# 67425 | 2,290 words | 4 sources | MLA | 2006 | US
Published on Jul 09, 2006 in Business (Law) , Business (Companies) , Law (General) , Accounting (General) , Criminology (General)

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From 1997 to 2000, Xerox used a host of concealed accounting practices to meet or outstrip Wall Street expectations and conceal its true operating performance from investors. This paper examines the history of the Xerox debacle and the outcome, including new lessons learned regarding company management and the role of the SEC.

From the Paper:

"Xerox dismissed KPMG and retained Pricewaterhouse Coopers to conduct their accounting procedures. Although the SEC allegations contain various accounting practices, the most concrete involve two. One is the recollection of revenue from multiyear leases on office equipment. Xerox crudely recorded revenue that was not yet received in order to extend and deform operating results. The second practice was setting aside 'cookie jar' reserves to harbor restructuring costs, and then incorrectly adding them back later to earnings."

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