SEC Investigating Xerox Unit's Accounting Practices

Law360, New York (October 8, 2013, 1:18 PM EDT) -- The U.S. Securities and Exchange Commission is investigating a Xerox Corp. subsidiary along with three current and former employees over potential accounting violations, the printer company revealed Tuesday.

The ongoing probe focuses on accounting practices at Affiliated Computer Services Inc., a business process outsourcing and information technology firm acquired by Xerox in February 2010, the company said in an SEC filing. The agency is looking into whether revenue associated with ACS’ equipment resale transactions should have been presented on a net rather than a gross basis,...
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