Review of restatements and other US financial reporting matters
09 Mar 2004
A report by the Huron Consulting Group titled 2003 Annual Review of Financial Reporting Matters analyses the leading causes and trends in financial restatements filed with the SEC for the five years 1999-2003. The report categorises the restatements based on the size and industry of the restating company and the nature of the underlying accounting error.
The report also reviews the actions taken during 2003 by the US Securities and Exchange Commission, the Public Company Accounting Oversight Board, the FASB, and the IASB. "In a world where our economy is global and the free flow and formation of capital across borders is good for all, uniformity in accounting standards should be a high priority.". We have posted the Report (PDF 230k) with the kind permission of the Huron Consulting Group.