US companies cannot blame complexity of accounting rules for restatements, new studies show.
The number of restatements by US companies has begun to decline, according to new research which also indicated that they may be caused more by basic errors than complex accounting standards.
Restatements fell last year for the first time since 2001, with only 1,237 disclosed; the lowest level in three years, marking a 30% drop from the 1,801 restatements disclosed in 2006, according to a study by Audit Analytics, a US research company.
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