The amount of the latest restatement could not be determined, as the company's internal investigation continues to scrutinize thousands of invoices at McCann-Erickson's European division.
SK Global said that the latest restatement of results came about because on the advice of auditors from Ernst & Young, it had reclassified some customer accounts from receivable to uncollectible and had written them off.
G.M. said the latest accounting restatements relate to how cash flow was classified.
With the recent accounting restatement, there is a lot of, understandable, apprehension over financial controls/situation.
The restatement is the latest embarrassment for the $32 billion chain, which declared bankruptcy in January and has closed stores, laid off thousands of workers and recorded huge losses since then.
The latest measures "sound like a big restatement, but it's just spreading things out over time," said Andrew Palmer, director of fixed-income management at ASB Capital Management, which owns $3 million in Tyco shares.
"In the face of the latest incarnation of the company's restatement, it's absolutely astonishing that Congress has yet to step in and rein in this financial behemoth," said Congressman Christopher Shays Christopher Shays, R-Conn., in a public statement.
The determination is the latest in a string of statements, appeals and restatements in a two-year saga over who should own Britain's airports.
In 2000 alone, the latest year for which statistics are available, there were 156 restatements, compared with an average of 49 a year from 1990 through 1997.
Restatements, on the other hand, are meant to simply restate.
