AES to restate financials back to 2004 |
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Tue, 27 Feb 2007 02:07
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ARLINGTON, Va. (AP) - Power producer AES Corp. said Monday it will restate past financial statements going back to 2004 to correct certain errors, while announcing a review of its accounting for stock options and other long-term compensation.The company also delayed reporting its fourth-quarter and 2006 results that had been scheduled for Wednesday.AES said it is still reviewing its financials, but it said it appears the net impact of the adjustments will not be material to any prior periods. The company gave few details, saying it believes all the errors found so far were inadvertent and unintentional.The restatements will cover 2004, 2005 and interim periods in 2006, AES said in a filing with the Securities and Exchange Commission.The company said it also has hired an outside consulting firm to help with its review of its accounting for stock-based compensation.The review centers of AES's general practice of treating the board approval date for long-term compensation grants as the accounting measurement date for its share-based compensation.But, because accounting measurement dates are determined by finalization of awards or communication to employees of awards, AES said it's likely that it incorrectly calculated its stock-based compensation expense.'At this stage of the review, management does not believe that any accounting errors related to long term compensation are the result of any fraudulent practice,' AES said in a statement.AES shares rose 24 cents to close at $22.52 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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