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 ?
Robinson said the court decided the Restatement rule struck the appropriate balance between the open-ended nature of the reasonable foreseeability rule and the "overly constrained near-privity rule.
The breadth and scope of the Restatement of the Law of Liability Insurance is substantial, touching upon nearly every legal issue frequently faced by insurance professionals in four chapters:
Reasons for financial firm restatement range from unintentional accounting errors to more severe misreporting cases that likely influence market outcomes or unduly benefit management.
ALI members were to vote on the restatement this past May during the organization's annual meeting, but its impending publication drew an unprecedented outcry from concerned ALI members as well as business insurance consumers, legislators, attorneys and liability insurers, including NAMIC members, all of which urged the ALI to reconsider the project.
Financial restatements, whether the identified mistakes were unintentional or deliberate, are considered serious financial reporting errors.
formulated three very sensible wishes for drafters of a new Restatement:
Such members must place faith in the Restatement's advisers and an ad hoc consultative group, surprisingly few members of which claim comprehensive expertise in liability insurance litigation, and which bodies have no veto power over the reporters who draft the rules.
Section 402A also proposed an affirmative defense for products that were "unavoidably unsafe." Under comment k to [section]402A, Restatement Second recognizes that there are some products that science and art cannot make completely safe for ordinary use but that still have utility.
Our research analyzed restatement data from the Audit and Compliance Module of Audit Analytics[R], a research database specializing in tracking detailed information of restatements.
The restatement is expected to result in deferral of approximately USD172 million in gross revenue to periods beyond June 30, 2014 and a retained earnings impact of USD71 million.
In addition, we will address the Restatement of the Law Second, Torts (3) and the Restatement of Law Third, Torts--Products Li ability.