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IBM investigated by SEC

IBM investigated by SEC

The US Securities and Exchange Commission (SEC) is investigating IBM bookkeeping methods, the company has announced.

The SEC is looking for information regarding the company's recognition of revenue in 2000 or 2001, according to a statement released by IBM.

An SEC spokesman declined to comment on IBM's statement, and said that the agency's staff could not confirm or deny the existence of any ongoing investigations. However, IBM did offer some details on the probe.

The company said that it believed that the investigation was related to a separate investigation of one of its Retail Store Solutions unit customers. That IBM unit sells point-of-sale technology such as cash registers, kiosks, printers and bar-code scanners to grocery stores, food services companies and other retail companies.

IBM did not identify the customer.

In its communication with IBM, the SEC characterised its inquiry as a "fact-finding investigation", IBM said.

IBM's business and accounting policies complied with "applicable regulations," and the business was co-operating fully with the SEC investigation, IBM said.


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