Sun Microsystems has restated its fiscal 2003 and 2004 financial statements as a result of accounting errors.
The company today announced the filing of its Annual Report on Securities and Exchange Commission Form 10-K for the fiscal year ended 30 June 2005 after identifying "errors related to the accounting for deferred taxes in certain foreign jurisdictions, as well as the aggregate effect of corrections to provisions for State and foreign tax returns and withholding taxes".
The Java giant said that the "adjustments" included in its annual report would reduce the benefit it expected to receive from income taxes for fiscal 2005 by $45m, and decrease the provision for income taxes for fiscal 2004 and 2003 by zero and $45m respectively.
According to the firm, the adjustments have no impact on revenue, gross margin, pre-tax income and operating cash flows for the restated periods.
Sun added that the errors were identified through the operation of the company's internal controls over financial reporting.
Steve McGowan, chief financial officer and executive vice president, corporate resources, said: "We are focused on providing the highest level of quality and transparency in our financial reporting.
"Although the adjustments were small given the size of our company, they do provide additional clarity for our shareholders."
As part of restating its consolidated financial statements for fiscal 2004 and 2003, the company restated its quarterly financial data for each of the quarters within fiscal 2005 and 2004, and selected financial data for fiscal 2004 and 2003.
The SEC Audit Committee has discussed the matters contained in the above mentioned Form 10 K with Sun's independent auditors.
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