HP Reports Revenue Declines in Fourth Quarter and Fiscal Year Results
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Adoption of new accounting pronouncements
In the fourth quarter, HP early adopted two recently released accounting standards related to revenue recognition, Accounting Standards Update (“ASU”) No. 2009-13 and ASU No. 2009-14 for transactions originating or materially modified in fiscal 2009. These accounting changes generally result in earlier revenue recognition than under previous guidance for certain deliverables in multiple-element arrangements. HP adopted these standards as of the beginning of fiscal 2009; therefore the previously reported quarterly results have been restated to reflect the impact of adoption.
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