Summary
Cummins Inc. (CMI) filed an 8-K on March 18, 2003, to provide an update on a previously announced non-cash accounts payable adjustment. This adjustment is linked to the implementation of a new enterprise resource planning (ERP) system at one of its plants. The company is actively working with its auditors, PricewaterhouseCoopers LLP, to ascertain the correct accounting treatment and the potential implications for its historical financial statements.
Key Highlights
- 1Update on non-cash accounts payable adjustment initially announced on January 29.
- 2Adjustment is primarily related to the implementation of a new ERP system in a Cummins plant.
- 3Cummins is collaborating with its auditors, PricewaterhouseCoopers LLP, to determine accounting treatment and financial statement impact.
- 4The accounting issue has not yet been resolved.
- 5The Annual Meeting, originally scheduled for April 1, 2003, has been postponed due to the unresolved accounting matter.
- 6A press release will announce the new date and location for the Annual Meeting once determined by the Board of Directors.