Issue How does a company contextually represent a numeric fact in a subsequent event? Below is an example: In the nine months ended Sept 30, 2010 financial statement filing, a company discloses in the subsequent event footnote, “On October 18, 2010 we purchased ABC Company for $100 million in cash.” In the filings to date, […more]
Issue In a number of cases, companies have been reporting financial statements with a column heading of “Restated.” However, not all of the numbers actually reported are restated numbers. Discussion If the prior numbers are reported in the financial report. they should be dimensionally qualified with the ScenarioPreviouslyReportedMember when it is necessary to differentiate it […more]
Issue Depending on the filer, restatements of opening shareholders’ equity is being handled in a number of different ways. In the example below, a company has adjusted their opening balance. We have seen this handled in a number of different ways. Concentrating on the Retained earnings, the following approaches have been observed. Approach 1 The […more]
The national consortium for
the business reporting standard
