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 ?
We are confident that, after these re-statements are completed, our financial statements will be true and correct and that we will have taken the necessary steps to ensure that our financial reporting adheres to the highest standards of accuracy going forward" said Peter A.
The extent and number of accounting re-statements, as well as the disregard of accounting regulations and financial reporting to auditors, regulators and others made even more apparent in the current AIG press release, are the direct causes of the downgrade.
Best has yet to determine the extent of the statutory impact on capital of the accounting re-statements, which will need to be determined prior to the removal of the under review status.
Fitch's rating actions reflect concerns regarding financial re-statements, the potential for further re-statements and the resulting management changes made at a crucial juncture where a convergence of events raises the risk of negative cash flow and higher debt levels.
These overstatements may be material and will require re-statements of the Company's financial statements for such periods.
These over-statements may be material and will require re-statements of the Company's financial statements for such periods.