restatement

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Restatement

The release of a previously issued financial statement amended with new information. For example, if a company issues a profit-loss statement and then discovers new information that affects the statement, it may amend the profit-loss statement to reflect the new information. When it releases this to the public, the company is said to make a restatement.

restatement

The altered presentation of a portion or all of an earlier financial statement. For example, a firm may issue a restatement of its previously published balance sheet and income statement because it has discovered some heretofore unknown information that should have been included on it.
References in periodicals archive ?
That's certainly not true, but clearly there are too many re-statements, and there is too much abuse.
He summarizes the re-statements and modifications C(y Goldstein 1976 and by Charles & Buikstra 1983) and reviews the case of the Merina of highland Madagascar, where collective tombs are a conscious symbol of corporate, property-holding kinship groups involved in intensive rice-cultivation.
Examples of unpredictable events include bankruptcies and early warnings of financial difficulties, such as layoffs, re-statements of earnings, executive moves and more.
Geimer, Accelr8's CEO, noted that for the fiscal years ending 1997, 1998 and 1999, there were no re-statements of earnings, revenue recognized, or of amortization expense related to capitalized software development costs.
Fiscal 2011 marks the fourth year in the past five that included fund balance re-statements.