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How Long Should It Take to Restate?

How Long Should It Take to Restate?

by Toby Lucich on April 10, 2008

Sometimes after announcing they need to restate their financials, companies go into shutdown mode. For up to two years, investors won’t see a regulatory filing or hear a significant financial peep while a company tidies up its past.

The Securities and Exchange Commission’s Advisory Committee on Improvements to Financial Reporting (CIFR) hopes to reduce the frequency of these so-called dark periods. During a panel held by the Center for Audit Quality (CAQ) on Tuesday, CIFR chairman Robert Pozen suggested that some of these restatements could be resolved more easily through an 8-K filing that corrects an error but spares the company from having to go through all of its old financials with a jeweler’s loupe.

How Long Should It Take to Restate?

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