Wang Global Inc has become the latest victim of the Securities and Exchange Commission’s recent guidelines on accounting for acquired in-process research and development. The Billerica, Massachusetts-based IT services company said that it has finished its talks with the SEC about accounting in its 1998 financial statements, primarily related to the acquisition of Olsy and, as a result of the discussions, the net loss as previously reported for the 1998 fiscal year ended June 30 will be reduced from $281.6m to $251.6m. Net loss for the six months ended December 31 of $27.6m will also be restated to a net loss of $39.8m. For calendar 1999, the company says its amortization expenses associated with acquisition-related intangibles will increase slightly from about $58m to $62m.
