restatement

(redirected from Restatements)
Also found in: Dictionary, Thesaurus, Legal, Wikipedia.

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 ?
The Institute (made up of over 4300 lawyers, judges, and law professors of the highest qualifications) drafts, discusses, revises, and publishes Restatements of the Law, model statutes, and principles of law that are enormously influential in the courts and legislatures, as well as in legal scholarship and education.
First, prior literature on the likelihood of managerial turnover after restatements has been mixed (Beneish 1999; Jayaramnan et al.
The report notes that increased restatements beginning in 2003 could be attributed to the implementation of internal control reporting under Sarbanes-Oxley Section 404.
According to the survey, the leading causes for the restatements were revenue recognition; equity accounting; and reserves, accruals and contingencies.
During 2009, 65 NYSE companies disclosed restatements, followed by 90 in 2010, and 108 in 2011.
Meyerson took a darker view, grouping restatements into three categories: "honest error," "aggressive corporate mentality" or "intentional deception.
38 percent of the 919 announced restatements between 1997 and June 30, 2002 involved revenue recognition issues;
The Company noted that final results for the first and second quarter are dependent upon finalization of potential restatements from the ongoing review discussed below.
Management estimates that the cumulative effects of the restatements significantly increase retained earnings as of September 30, 2006.
Clarification of the requirements for CPAs to report client financial statement restatements to the CBA.