Fuji Xerox NZ restates accounts, more than doubling 2016 losses to $72 million

Tue, 24 Oct 2017

By Jonathan Underhill Oct. 24 (BusinessDesk) - Fuji Xerox New Zealand has restated its accounts after the Japanese parent uncovered a number of matters that had been "inappropriately accounted", resulting in its 2016 losses more than doubling to about $72 million. The loss in the year ended March 31, 2016 had previously been reported as $32 million but in the process of re-assessing the accounts over a number of years, the company "derecognised" about $45 million of equipment revenue. As a result, total 2016 revenue was restated as $182 m...

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