NEW YORK (CNN/Money) -
MCI -- whose accounting problems plunged it into bankruptcy in 2002 -- has found more errors on its books.
The nation's No. 2 long-distance company, reported in a regulatory filing late Monday that it made $453 million in accounting mistakes as part of its emergence from bankruptcy earlier this year, although the company said the mistakes had no impact on its net reported results.
The company, in its quarterly filing with the Securities and Exchange Commission, said that an accounting mistake had the effect of reducing accounts receivable by $301 million in the year ending 2000.
The 2000 net loss of $48.9 billion should have been $48.6 billion, while the company's assets of $44.2 billion should have been $44.5 billion.
But the company's 2001 and 2003 financial statements also were changed to have the net effect of the mistake be zero, according to the company.
In addition, the company also determined that property tax and other liabilities were improperly reduced by $152 million by its application of so-called "fresh-start accounting" as of last Dec. 31.
It said the errors caused both accounts payable and long-lived assets to be understated by that amount, but added that had no impact on 2003 net income and the mistake was not material to its balance sheet.
The company, formerly known as WorldCom, was plunged into bankruptcy in 2002 due to an accounting scandal in which billions of dollars in expenses were hidden to artificially inflate profits.
A company spokesmen declined to comment further about the results.
MCI (MCIP: down $0.08 to $16.58, Research, Estimates) shares edged lower in morning trading Tuesday.
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