2005 will be “Year of Restatement”, Fitch says

2005 will be the 'Year of the Restatement,' due to new global accounting standards and new internal control reporting rules in the United States, warns Fitch Ratings.

The rating agency expects numerous financial restatements as thousands of companies outside the U.S. switch from local accounting standards to International Financial Reporting Standards (IFRS) and restate their 2004 balance sheets.

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