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Friday, September 17, 2004 9:54:54 AM
From briefing.com
QCOM states that royalties from licensees for which estimates could be reasonably made have, since 1998, been accrued in the qtr when earned and adjusted in the subsequent qtr for the actual royalties reported. QCOM has previously noted in its financial reports filed with the SEC that, as the CDMA market further develops and diversifies, its ability to forecast for many or all of its licensees may decrease, and if so, the Co may no longer be able to estimate reliably and may change its accounting policy to record royalties as revenue when they are reported by licensees. QCOM is currently evaluating its ability to estimate reliably the royalty accrual. If co in its ongoing review concludes it does not have this ability for some or all licensees, QCOM will cease accruing royalty amounts for these licensees and record royalty revenues as they are reported. In particular, were the Co to determine that a change in accounting method is warranted effective for the Q4 of 2004 and applied to all licensees for whom estimated royalties are accrued, the change would result in a one-time reduction of the royalty revenues by approx $298 mln in Q4, representing amounts the Co expected to accrue absent an accounting change. Reported pretax income would be reduced by approx $298 mln. However, this change would have no effect on operating cash flow in the qtr, nor would it impact the underlying economics of the Company's licensing business...
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