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Accounting for Lawyers Keyed to Barrett
In re Star Technologies, Inc.
Citation:
Accounting & Auditing Enforcement Release No. 505 [1991-1995 Transfer Binder] Fed. Sec. L. Rep. (CCH) ¶ 73,964 (Nov. 15, 1993)Facts
Star Technologies, Inc. was a manufacturer of high-performance computer systems that engaged in improper revenue recognition practices during the relevant period. The company prematurely recognized revenue on bill and hold transactions where customers were billed but Star retained physical possession of the products, despite not meeting the criteria for such recognition under GAAP. Additionally, Star recorded revenue on shipments that were incomplete or where significant obligations remained unfulfilled. These accounting improprieties resulted in material misstatements of the company’s financial condition in its quarterly and annual reports filed with the SEC. The company’s practices were designed to meet revenue targets and present a more favorable financial picture to investors and the market than was actually the case.
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