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Restatements: Let Me Count the Ways

Scott Taub | May 30, 2012

Five years ago, in my first Compliance Week column, which was on restatements,  I suggested that companies should always correct an error once it is found, and I'm happy to say that this has become common practice. 

At that time, I discussed the process of correcting an error as a choice between correcting it in the current period or restating prior periods. 

In fact, though, the choice isn't that simple, as there are multiple ways to correct an error by changing previously reported numbers, and the reasons for the multiple treatments are not intuitive, especially to those who deal with restatements infrequently.  In addition, the word “restatement” has become highly charged and is used inconsistently and incorrectly, and sometimes people refuse to use the word to describe something that absolutely is a restatement.  So let's consider the multiple... To get the full story, subscribe now.