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Business Law, Public Responsibility, and Ethics Commons

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Corporate Finance

WCOB Faculty Publications

Corporate financial statements

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Restatement Vs Revision: A Case Study, Benoit N. Boyer, Danny A. Pannese, Alan L. Delfavero Jan 2017

Restatement Vs Revision: A Case Study, Benoit N. Boyer, Danny A. Pannese, Alan L. Delfavero

WCOB Faculty Publications

There had been many recent cases of restatements of financial statements by US Corporations. Recently an article in the Wall Street Journal mentioned restatements by Bank of America, Nike and Alphabet among the 663 companies that filed financial revisions or restatements last year. Interestingly the frequency of these errors has more than doubled since 2002, when the Sarbanes-Oxley corporate governance law was enacted, partly to increase managerial accountability. We will also examine what are the differences between restatements and revisions. We will examine what are the most common mistakes. Over half of last year's corrections involved debt and equity ...