The Xerox Corporation s History - 1633 Words

Introduction The Xerox Corporation’s history, however, is not perfect. In 2002, they were fined $10 million for inflating revenue and profits from 1997 to 2000 by including future payments on existing products (Xerox). They were using various â€Å"topside accounting devices,† to manipulate their equipment revenues and earnings (KPMG). They would record leases of products to customers as sales in order to increase their revenue. The auditing firm used by Xerox was KPMG. KPMG is a global accounting and auditing company and is also recognized as part of the Big Four along with Deloitte, Ernst Young, and PricewaterhouseCoopers (www.accountingverse.com). They allowed Xerox to close a $3 billion â€Å"gap† between their actual operating results†¦show more content†¦Meanwhile, senior level management personnel received over $5 million in performance based compensation as well as over $30 million in profits from the sale of what was at the time overvalued stock (XEROX CORPORATION). Xerox’s accounting manipulations were carefully and intentionally executed in an attempt to conceal them from being detected. The corporation’s executives knowingly directed management to perform two main manipulative accounting procedures and actively covered their tracks. They were inappropriately storing revenue off the books, and then conveniently releasing the stored funds at pivotal times in order to increase sluggish or slow earning periods. This is a common practice and it is speculated that many major corporations used these booking techniques at times as well. The company was also accelerating revenues from short-term equipment rentals, which were being described as longer term leases. The variance was noteworthy for according to GAAP, the entire value of a long-term lease should be included in the revenue in the first year. But instead, the value of these rentals was spread throughout the duration of the leases (XEROX CORPORATION). Xerox’s manipulations directly affected the economyShow MoreRelatedEssay about Big City Trust Company UP1174 Words   |  5 Pagesï » ¿Problem After assessing the Financial Statements of Xerox Corporation and Polaroid Corporation, is Big City Trust Company going to finance and invest to Auto-Drive Company’s latest product? Will Auto-Drive Company be able to penetrate the market and make an outstanding revenue similar to Xerox Corporation and Polaroid Corporation? Company Background Auto Drive Company Auto-Drive Company is developing Auto-drive- an auto pilot technology installed in cars which makes it impossible for the carRead MoreMy Experience At Ceo And What She Is It Through Hard Work And High Performance1418 Words   |  6 Pagesand CEO of Xerox (Byrnes and Crockett, 2009). These previous words by Ursula Burns display her resilience to prove her worth to the business world, regardless of her gender and the color of her skin. 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