Microsoft Settles Accounting Charge with SEC
Reuters | at | by Mike
The Securities and Exchange Commission has agreed to settle with Microsoft Corp. over allegations the software giant misled investors by understating revenues, a source familiar with the matter said on Friday. Without admitting any wrongdoing or facing any fine, Microsoft will cease using the accounting practice to smooth out its earnings under the pact approved in an SEC vote taken on Thursday, the source said. Commissioners Isaac Hunt and Cynthia Glassman backed the settlement. SEC Chairman Harvey Pitt, who represented Microsoft's auditor Deloitte & Touche LLP as a private securities attorney, recused himself.