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WorldCom Accounting Errors May Rise $2B

Apr 3, 2003 | The Clarion-Ledger

The total amount of improper accounting at WorldCom could rise another $2 billion, according to published reports.

Quoting a source familiar with the matter, USA Today reported that company's total restatement will be at least $11 million.

WorldCom has acknowledged $9 billion in improper accounting, which led to the company filing Chapter 11 bankruptcy protection. WorldCom officials said the final amount would not be released until an internal investigation is completed this summer. The Clinton-base telecommunications giant said any additional restatements will not affect customers or the company reorganization plan. WorldCom has already said the company's stock will have no value when it exits the bankruptcy process.

It is unclear if an additional restatement will have any bearing on a partial settlement reached with Securities and Exchange Commission in November on civil fraud charges the SEC's lawsuit against the company.

The newspaper's source said the latest accounting mistakes come from 200 to 300 entries that may have improperly extended the lives of some assets.

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