Abit defends accounting practices

— 2:37 AM on December 22, 2004

Xbit Labs has an update on the recent Abit accounting scandal, including a statement from the company.

“ABIT refuted the accusations recently made against the company. ABIT stands by its financial reports and will continue to offer all assistance to the Taiwan Stock Exchange (TSE) in order that they are able to better understand the financial transactions of ABIT in 2004. All of ABIT financial statements are in accordance with Generally Accepted Accounting Principles (GAAP). ABIT now awaits the TSE to be better prepared in providing specific charges that ABIT would be able to directly address rather than the current list of generalities,”
Abit apparently continues to manufacturer both graphics cards and motherboards at full capacity and has enough cash and stock on hand to continue operations.
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