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Proposed Restatement Guidelines Draw Investor Alarm

Proposed Restatement Guidelines Draw Investor Alarm

by Toby Lucich on March 16, 2008

Investor advocates are wary of a regulatory proposal that could decrease the number of times companies restate their financial results.

Barbara Roper, director of investor protection for the Consumer Federation of America, contends that the suggested changes to the Securities and Exchange Commission’s nearly 10-year-old materiality guidance — which companies rely on to calculate an error’s effect on financial statements — will likely reduce transparency and encourage “shoddy practices” by unscrupulous companies.

Proposed Restatement Guidelines Draw Investor Alarm

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