BISYS Group Inc., which sells support services to life insurers, annuity issuers and other financial services companies, says it will be correcting annual financial statements for all fiscal years since the fiscal year that ended June 30, 2002.
New York-based BISYS also says it will be changing the quarterly statements it has filed with the U.S. Securities and Exchange Commission for the quarters ending Sept. 30, 2003; Dec. 31, 2003; Sept. 30, 2004; and Dec. 31, 2004.
The old financial statements “should not be relied upon,” BISYS says in an announcement of the restatement.
BISYS also is continuing to work on efforts to complete a Form 10-Q financial report for the quarter that ended March 31, the company says.
BISYS says it is talking about the restatements with PricewaterhouseCoopers L.L.P., New York, its independent auditor.
The restatements probably will relate to transactions that “principally took place” in fiscal years before fiscal year 2004, BISYS says.
Many of the restatement items identified so far deal with matters such as accounting for acquisitions, recognizing revenue for new business acquisition and conversion services, accounting for building leases, and accounting for vendor rebates, according to BISYS.