Best Practice
3.1 Restatements

Issued: 12/2/11

Impact: All US GAAP

Reporting Disclosure

3.1.2 Reporting Restated Values in the Face of the Financials

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]


Best Practice
3.1 Restatements

Issued: 2/25/11

Impact: All US GAAP

Reporting Disclosure

3.1.1 Opening Balance Adjustments

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]