Diligent makes mistake recognising revenue in accounts before it should have

Wed, 19 Jun 2013

By Tina Morrison June 20 (BusinessDesk) – Diligent Board Member Services, which has been forced to deal with a slew of administrative errors, says it recognised sales in its accounts earlier than it should have. Diligent incorrectly recognised revenue from new customer agreements and upgrades from the beginning of the month in which the contract was entered into rather than pro rata based on the number of days in the month for which the agreement was in effect, as required by US Generally Accepted Accounting Principles, the New York-based com...

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