Financial Restatement

| Financial Restatement| Accountant 537| | Jocelyn Oliv bes| 2/19/2012| Instructor: Corrine Hasbany | subsequently the release of the statements, errors can be piece by the lustrous set, companys internal auditors or external auditors. If the error is deemed to be material to the pecuniary statements, those statements are required to be turn and re-issued to users. corporality relates to a financial statements items wallop on a companys boilersuit financial condition and operations (Kimmel, Weygandt, & Kieso, 2007, P 69). Materiality is indomitable by whether the error would cause users to come to inaccurate conclusions in their analysis. Immaterial would be something that is too insignificant to stupor the stopping point of the end users. Significant errors require a repeatment of financial statements that entrust inform users of these errors in reporting. It is important to get word what accounting principles are involved, what errors were made and the effects that these particular errors suck on its users, peculiarly the Stockholders. In trying to find companies that had to restate their financial, I found several.

I ran across Green quid Coffee Roosters, biomedical Corp. and American Superconductor Corporation. All traded on the hot York Stock metamorphose and watched by the Securities Exchange Commission. There were many a(prenominal) companies to choose from just these stuck out because they clearly shared something in common. The common locomote that was obvious was Revenue Recognition. Under the revenue recognition principle, a company reco gnizes income in the accounting stay that i! t was earned not when the income is actually received. These are three in truth distinct businesses. The premier(prenominal) corporation is from the beverage industry, the second from medical/scientific technology industry and the third from the energy-global power technology industry. My aspiration is to usher that no...If you want to get a full essay, vagabond it on our website: OrderEssay.net

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