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 ?
Exhibits 2 and 3 present the annual leading restatement and fraud categories during the analysis period.
First, this research examines management turnover within the context of restatement characteristics.
Financial restatements associated with fraud and revenue decreased after 2001.
Under the restatement rule, the SysTrust provider could be liable only to intended identifiable beneficiaries, not an unknown, large group of unidentified users of the SysTrust report.
In the last three years, the quantity of restatements has leveled off and severity has remained low, but restatements have increased from companies trading on the New York Stock Exchange (NYSE) and Over The Counter (OTC).
The number and types of restatements occurring since SOX's inception--and a comparison to those of the pre-SOX era--are generally acknowledged to be reason able proxies for measuring whether financial statements have become more reliable as a result of the act.
To what extent is Sarbanes-Oxley Section 404 driving restatements--or, on the flip side--to what extent are restatements driving reported "material weaknesses in internal control?
One misconception is that restatement requirements apply to all companies, including private ones.
The court went on, however, to rule as a matter of law that the outer boundaries of what constituted a "limited group" referred to in the Restatement was a legal determination to be made by the court and not by the jury.
Prior academic studies suggest that the transparency of restatement information may have legal and regulatory implications.
Clarification of the requirements for CPAs to report client financial statement restatements to the CBA.