Accounting probe delays eFunds third quarter filing
15 November 2002 | 984 views | 0
US payments outfit eFunds has delayed filing its Q3 statements with the SEC while it reviews the accounting treatment of certain transactions in 2000 and 2001 and tax matters related to its Indian operations.
The review takes in a $5 million data license agreement signed in the second quarter of 2000 and $6.2 million of data license sales that occurred in the second quarter of 2001. The probe also extends to accounting for certain transactions with the Star ATM network.
In a statement, the company says: "The company is in the process of finalising the conclusions reached by it as a result of the review and will seek to complete its efforts as expeditiously as possible, although the company cannot provide definitive guidance as to when the review process will be finally concluded."