October 24, 2020

IBM: We Mind the GAAP

IBM disclosed an investigation into its revenue recognition today but isn't worried too about it:

In a statement on the investigation, IBM defended its accounting practices as “rigorous and disciplined,” adding that it is “confident that the results and information we report have been appropriate and consistent with GAAP,” or Generally Accepted Accounting Principles.

The company's been subject to a few SEC inquiries over the years, including one that wrapped up last year. They know the drill.

[10-Q, Re/code]

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