SEC opens official investigation of Global Crossing
The SEC has officially opened an investigation into Global Crossing’s accounting practices, upgrading its probe from the simple inquiry announced earlier in the week.
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The investigation centers around how the company booked Indefeasible Rights of Use (IRUs), contracts in which carriers swap bandwidth with one another and can account for the bandwidth gained as revenue but the bandwidth given as a capital expense separate from operating results.
The company said it intends to comply with the investigation fully.--Toby Weber, Staff Writer
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