restatements


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restatements

the publications of the private American Law Institute, which is made up of law professors, judges and practising lawyers. The project is to state the precedents of the US jurisdictions, like a continental code, so that it is manageable and so that some degree of principle can be abstracted from the many decided cases. They are not authoritative but carry much weight. They are a source of inspiration for jurists around the world.
References in periodicals archive ?
Both Restatements are important and authoritative resources for trust and estate lawyers, not only when preparing to argue cases at trial and appellate levels, but also in the work of drafting and interpreting dispositive provisions in trusts, wills, and other donative documents.
More importantly, understanding whether the likelihood of management turnover changes after SOX is especially important because restatements have become much more common, with more than 10% of publicly traded companies announcing restatements in 2006 (Johnson 2008).
According to the study, restatements grew from 90 in 1997 to I,5777 in 2006, accelerating by 380 percent in 200I, the year before Sarbanes-Oxley was enacted.
In 2002, GAO reported that the number of restatement announcements due to financial reporting fraud and/or accounting errors grew significantly between January 1997 and June 2002, negatively impacting the restating companies' market capitalization by billions of dollars.
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.
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).
Restatements Should Be Eyed Suspiciously," read the headline of an item by Bruce Meyerson, national business writer for The Associated Press, earlier this year.
In its October 2002 Report on Financial Statement Restatement, the GAO said that restatements for improper revenue recognition resulted in larger drops in market capitalization than any other type of restatement.
Specifically, the report explores the number of, reasons for and other trends in financial statement restatements since 1997; analyzes the impact of restatement announcements on the restating companies' stock market capitalization; identifies available data to determine the impact of financial statement restatements on investors' confidence in the existing U.
These restatements will relate to cut-off errors or irregularities regarding the dates of shipment of the Company's products.
However, it is important for me to emphasize that our expectations for SJI's long-term performance have not changed and that these restatements do not reflect any underlying change in the economic performance of our company," concluded Graham.