restatement

Definition

A revision to one or more of a company's financial statements. A company may need to issue a restatement on its previously announced financial information for many reasons, including simple calculation mistakes, or as a result of discovering fraudulent accounting activity.

Use restatement in a sentence

Bill was furious at the mistake that he found in the statements. He knew they would need to issue a restatement and fix their issues.

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The restatement was issued because of the error in the original financial statement which was immediately addressed, corrected, and resolved.

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I lost confidence in the integrity of that company because the previously stated financial position the company published required a restatement even though it was due to a mistake and did not involve fraud.

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respondeat superior GUST restatement