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 ?
Director General of Ula Restate Company, Mohamed Hamid Nugdalla, asserted the company commitment to meet desires of all expatriates to obtain houses at main areas inside the capital , explaining that the MOU signed with SSWA set to serve Sudanese working abroad and implement the state policy in this connection.
Kinney and McDaniel (1989) analyze the stock price reaction for 73 firms that restate between 1976 and 1985 and find that stock returns are negative between issuance of erroneous quarterly statements and its corrections.
Whether or not OFHEO requires Fannie or Freddie to restate financial results for any past year, neither company's capital position is what one would expect of a triple-A rated financial institution.
It will also restate the quarter to May 31 2003 upwards by $700,000 on top of the reported $12.7m.
This analysis indicates that companies that restated did not show lower levels of commitment to quality financial reporting than did firms that did not restate. This evidence is consistent with the conjecture made by many of the companies that restated that they thought their method of accounting for leases was acceptable.
On a per-share basis the reduction totals 30 cents, more than four times the 7 cents-per-share drop the company forecast last April when it announced that it had discovered accounting irregularities and would have to restate its audited financial results for 1998 and 1999 and its unaudited results for 2000.
The Santa Clara, California-based company said Monday that the SEC has concluded its review of the company's accounting for in-process R&D charges taken in connection with the acquisitions of Innovative Computer Concepts Inc in 1997 and Wayfarer Communications Inc in 1998 and that it will not be required to restate any past financials as a result.
ASIC notes the decision by ASX-listed Chapmans Limited (Chapmans) to restate its results for the year ended 31 December 2016.
The consensus requires the entity to restate the functional currency accounting bases of nonmonetary items as follows: The old reporting currency basis is translated into the new functional (local) currency basis at the exchange rates in effect at the date of the change.
Global Banking News-January 7, 2016--Credit Suisse to restate results
TELECOMWORLDWIRE-7 January 2005-Nortel Networks to restate financial reports on schedule(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com
The apex bank said that there is no need for the bank to restate its accounts.