CA to restate accounts for last five years


CA to restate accounts for last five years

Antony Savvas

Computer Associates says it will have to further modify its accounts for the past five years after finding new financial discrepancies in around 10 past contracts.

The company had already been forced to restate past accounts after a financial scandal which broke around 18 months ago and led to its chief executive officer being ousted and charged by investigators.

After posting a poor final quarter this week, CA now says it is delaying filing its full year accounts until next month, as a result of the uncertainty around its past figures.

It is believed that inaccurate early booking of revenue from past deals has affected this year’s accounts.

Fourth quarter net income this year crashed from $89m (£48m) last year to just $17m, although sales crept up by 7% to $910m.

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