AOL Time Warner reports more accounting inaccuracies

Author:
Publish date:

AOL Time Warner Inc. Wednesday disclosed three more inappropriately booked
transactions as CEOs from more than 700 top American companies were required to
sign off on their quarterly earnings for the first time in corporate history.

The Securities and Exchange Commission in June implemented a rule mandating
that corporate executives who head companies with annual revenues of more than
$1.2 billion must certify that their companies' financial statements are correct and
true.

The AOL Time Warner finding, announced by company CEO Dick Parsons, totaled
nearly $50 million, which the company called an "insignificant portion" of the
company's revenue.

"I consider the accuracy of AOL Time Warner's financial reporting to be one
of my most important responsibilities, and I am committed to giving investors
accurate and transparent information about the company," Parsons said in a
prepared statement.

Last month, The Washington Post reported a series of unorthodox
business deals that the federal government is currently investigating.

AOL Time Warner is only one of many media companies required to sign the
earnings reports.

Other media companies also facing the rule are AT&T Corp., A.H. Belo Corp.,
Cablevision Systems Corp., Clear Channel Communications Inc., Comcast Corp., Cox
Communications Inc., EchoStar Communications Corp., Gannett Co. Inc., Gemstar-TV
Guide International Inc., Knight Ridder, The New York Times Co., E.W. Scripps Co., Tribune Co., Viacom
Inc., The Walt Disney Co. and The Washington Post Co.

Related