Record number of restatements in 2004.Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. filings for financial restatements of public companies rose to a record 414 in 2004, up 28 percent from the previous year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Huron Consulting Group's 2004 Annual Review of Financial Reporting Matters. [ILLUSTRATION OMITTED] Additionally, the number of filings involving restated annual audited financial statements rose to a record high of 253 last year, or 61 percent of total restatements filed in 2004. According to the survey, the leading causes for the restatements were revenue recognition; equity accounting; and reserves, accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. . |
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