First Data restates historical financial statements

First Data restates historical financial statements
Tags: Bank / Credit Union, Debit / Credit, Public Companies, Transaction Processing
August 28, 2006

DENVER - First Data Corp. will restate some of its financial filings for the quarters ended March 31, 2006, and June 30, 2006.

According to a news release, First Data, after discussions with the Securities and Exchange Commission, concluded that certain interest rate swaps and foreign exchange forward instruments may not have qualified for cash flow hedge accounting .

The cumulative effect of the changes is a non-cash earnings increase of approximately $30 million during the period. The restatements are not expected to affect the Western Union spin-off.