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Spok Improperly Recognized $1 Million In Revenue
Telecommunications firm blames its systems for a five year old accounting error just now being disclosed.
July 28, 2023
In the footnotes of its latest quarterly report Spok Holdings (SPOK), a provider of healthcare communication solutions, revealed it discovered a years-old accounting error while preparing its financial statements for the quarter ended June 30, 2023.
The error indicates revenue was improperly recognized.
In making unnamed adjustments after discovering it had understated deferred revenue, Spok disclosed:
“These adjustments corrected an overstatement of our software revenue in 2018…”
Spok blamed the overstatement on a new financial reporting system it implemented in 2017.
The company says the error is not material.
The overstated revenue was approximately 0.59% of sales in 2018.
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