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Sarbanes-Oxley News & Developments
Record Number of Restatements in 2004The impact of Sarbanes-Oxley Section 404 was one of the most significant factors to affect financial reporting last year, according to a new report.
> > Little more than two years after the passage of the Sarbanes-Oxley Act, a record number of companies are revising their financials.
The three most frequent causes of financial restatements were revenue recognition, which accounted for 16.4% of all restatements in 2004 and 19% during the past 5 years; equity accounting (16% and 15.3% respectively); and reserves, accruals, and contingencies (14.1% and 14.7%).
Source: CFO
Published:2005-01-21
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