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 ?
said Wednesday that it plans to restate its earnings from 2001 because an accounting error led the company to overstate its earnings by up to 35 percent.
While this will require the company to restate its results for the first three quarter of this year, we believe that these accounting changes should be put behind us.
KAILUA KONA, Hawaii -- Cyanotech Corporation (Nasdaq:CYAND) announced today that it has determined to restate certain of its previously issued financial statements.
NASDAQ:BCGI) today provided an update on its previously disclosed internal review relating to stock option grants and stock option practices and announced that it is likely that it will need to restate financial statements for certain prior fiscal periods to reflect the effects of additional non-cash charges for stock-based compensation expense.