The Securities and Exchange Commission has decided it’s time for companies to clean up their financial statements this fall, shoring up errors that have been hiding like dust bunnies under the sofa for years.
Under the leadership of newly appointed Chief Accountant Conrad Hewitt, the SEC staff has issued Staff Accounting Bulletin No. 108 to require that companies take a fresh look at errors that have been accumulating in their financial statements for years, correct them, and do so without restating.
