The automated teller machine manufacturer Diebold Inc. said Friday that the Justice Department has begun an investigation of its accounting practices.
Processing Content
The inquiry is at least the second into the vendor's "bill and hold" method of recognizing revenue from sales of its ATMs and other products; the Securities and Exchange Commission has been probing the issue since last year.
Diebold has said it would change the 20-year-old practice, in which the company receives payments for goods before they are delivered to the buyer. The North Canton, Ohio, company said Friday that its audit committee and outside accountants plan to decide on a new revenue-recognition policy next quarter.
