Costs the Primary Reason for Rising Restatements

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Costs the Primary Reason for Rising Restatements

October 5, 2006 3:26 AM
From BusinessFinanceLink, Issue #353

According to a recent report from the Government Accountability Office (GAO), "Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities," cost- and expense-related issues were the drivers behind most financial restatements filed with the SEC between 2002 and 2005. The thick (198-page) PDF report estimates that cost- or expense-related issues accounted for 35 percent of the 1,390 announced restatements during this period, and found the primary reasons for restatements were "to adjust revenue, costs or expenses, or address securities-related issues."