From IBM's Q2 10-Q: "In May 2013, IBM learned that the SEC is conducting an investigation into how IBM reports cloud revenue. IBM is cooperating with the SEC in this matter."
No details are provided about the nature of the SEC's concerns. However, it's worth noting companies tend to receive payment for cloud software/services subscriptions up-front, and recognize this revenue over the life of the contract. The timing of such revenue recognition can present some accounting issues.
It was only last week that a federal court approved a settlement between IBM and the SEC over Chinese/Korean bribery allegations. A DOJ bribery investigation remains outstanding.
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