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2011 Financial Restatements - An Eleven Year Comparison

  • ID: 2205907
  • Report
  • June 2012
  • Region: United States
  • 34 Pages
  • Ives group Inc (Audit Analytics)
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Financial Restatement Trends Report

Audit Analytics has just released its annual report on financial restatement trends for US registrants. This report, which includes data from the full year 2011, provides detailed analysis over an eleven-year period.

Highlights from the research include:

- In the last three years, the quantity of restatements has leveled off and severity has remained low, but restatements have increased from companies trading on the New York Stock Exchange (NYSE) and Over The Counter (OTC).

- During 2009, 65 NYSE companies disclosed restatements, followed by 90 in 2010, and 108 in 2011.

- The largest financial restatement for each of the last three years was disclosed by a foreign registrant.

- During 2011, Revision Restatements (restatements revealed in a periodic report without a prior 8-K, Item 4.02 disclosure that past financials can no longer be relied upon) represented about 57% of the restatements disclosed by 10-K filers. This percentage represents the highest percentage calculated since the disclosure requirement came into effect August 2004.

- The average number of issues per restatement for 2011 was 1.48.

- The average number of days restated was 485 for 2011.
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- Introduction

- Database Overview

- Methodology

- Population

- Executive Summary

- Total Restatements per Year

- Total Annual Restatements Only per Year

- Yearly Percentage of Quarterly vs. Annual Restatements

- Largest Negative Restatements by Year

- Restatements Breakdown by Market (Table)

- Cumulative Impact on Net Income of Publicly Traded Companies (Table)

- Restatements with No Impact on Income Statements (Table)

- Average Restatement Period per Year

- Average Number of Issues per Restatement

- Restating Registrants by Accelerated Filer Status

- Average Number of Days to Restate

- Revision Restatements

- Restatement Issue Breakdown by Year (Table)

- Debt, Quasi-Debt, Warrants & Equity (BCF) Security Issues

- Expense (Payroll, SGA, Other) Recording Issues

- Cash Flow Statement (SFAS 95) Classification Errors

- Acquisitions, Mergers, Disposals, Re-Organization Accounting Issues

- Revenue Recognition Issues

- Tax Expense/Benefit/Deferral/Other (FAS 109) Issues

- Liabilities, Payables, Reserves and Accrual Estimate Failures

- Account/Loans Receivable, Investment & Cash Issues

- Deferred Stock-Based and/or Executive Compensation Issues

- PPE Intangible or Fixed Asset (Value/Diminution) Issues

- Definitions for Restatement Issues

- Overview: Audit Analytics
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