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Accelerated Filers Increase Restatements in 2013

Tammy Whitehouse | May 13, 2014

Restatements among accelerated filers rose for a third year in 2013, with 290 such companies disclosing a need to restate financial statements, although the average dollars-and-cents impact hit an all-time low in the same year.

A total of 846 companies filed restatements in 2013, relatively steady from 838 restatements in 2012 and 844 in 2011. Among accelerated filers, the number of restatements inched upward to 290, an increase of nearly 3 percent over the 2012 restatement level. In 2011, 201 accelerated filers corrected their financial statements with a restatement, a considerable jump from the 157 restatements in 2010, according to the data from research firm Audit Analytics.

The firm's analysis shows the average income adjustment among all publicly traded companies on major exchanges (NYSE, NASDAQ or Amex), was $3.2 million, the lowest figure in the...

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