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 ?
Following restatement announcements, companies typically file restatements by amending their previously issued financial statements for the periods affected (known as "Big R" restatements).
This raises the question of whether executive turnover following restatements may be more likely in the current regime than in prior periods due to new or more stringent penalties imposed on companies and executives.
Financial restatements associated with fraud and revenue decreased after 2001.
During 2011, Revision Restatements (restatements revealed in a periodic report without a prior 8-K, Item 4.
The number of restatements has declined significantly since its peak in 2006, the number of accounting issues underlying each restatement reported has also decreased, and the percent age of restatements involving revenue recognition has leveled off to 10% of restatement volume for the last several years.
For instance, how many of the 1,295 restatements indicate fraud or intentional deception, vs.
The CBA regulations clarify that the reporting requirement applies to restatements reporting the correction of any error for a:
Restatement Will Not Impact Cash Flows, Liquidity or Financial Condition of SJI
Statistics show that only in recent years has the number of restatements started declining.
For example, CPAs are required to report any restatements of financial statements by a client audited by the licensee and the other reportable events contained in Section 5063 of the Business and Professions Code.