Audit Analytics recently released the Europe Financial Restatements database, consisting of financial restatements for accounting errors due to accounting rule misapplications, clerical issues, and fraud. Collected from English language press releases, annual reports, and interim reports issued between January 2018 and … Continue reading
Category Archives: Financial Restatements
Leveraging the European Restatements Database
Audit Analytics recently released the European Financial Restatements database, filling a void in stakeholders’ ability to easily analyze restatements in context of the overall global market. The database contains 350 restatements from nearly 300 public companies listed on regulated exchanges … Continue reading
An Overview of European Financial Restatements
There have been nearly 500 financial restatements disclosed by roughly 400 companies listed on exchanges in the EEA, UK, and Switzerland since January 1, 2018. Continue reading
Error Corrections: A Look at Adjustment and Restatement Trends
At times, errors may arise when issuing financial statements. When such an error is identified, a correction must be made. The scope and nature of these corrections dictate a company’s next steps and may provide useful information into financial reporting … Continue reading
2019 Financial Restatements Review
The annual Audit Analytics report on financial restatement trends is now available. This report provides a detailed analysis and comparison of trends in financial restatements over a nineteen-year period. When looking at restatements, we categorize them by two levels: reissuance restatements and revision restatements. Reissuance restatements, sometimes referred … Continue reading
Kirby Restatement: A Warning for Goodwill Impairment Testing
On July 10th, Kirby Corporation [NYSE: KEX], a tank barge operator in the US, announced that its financial statements for the quarter ending March 31, 2020 could no longer be relied upon. The basis for Kirby’s financial restatement is the … Continue reading
Reasons for an Amended 10-K: 2019
Form 10-K, an annual report filed by US-based public registrants, is the most comprehensive source of information regarding a company’s financials and its underlying business. These reports are thoroughly scrutinized by investors and other users, which explains why they need … Continue reading