Weatherford makes progress with fixing its tax accounting
22 February 2012
Ralph Cunningham - ITR
Weatherford, an oilfield services and equipment company, has told investors that because of deficiencies in its income tax reporting, they should not rely on the company’s previous financial statements.
The mistakes will mean restatements of hundreds of millions of dollars, the company estimates.
In reporting its 2011 results on February 20, the company said its figures were pre-tax because work to fix problems with its financial reporting has not been completed. However, it believes it is making progress on getting to grips with the errors.
“Management has concluded that the company has not remediated its previously disclosed material weakness in internal controls over financial reporting for income taxes relating to current taxes payable, certain deferred tax...
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