RESTATEMENT OF ACCOUNTS
Though it is every company’s intention to submit their financial statements as accurate as possible, mistakes can sometimes make their way on public companies’ reports requiring for Restatement.
Reporting restatements involves a challenging work for the management or auditor to follow each account which they thought could be affected. Corporate efforts should be made to resolve the error, considering the cause of the error, severity of its effects, various solutions for it and the impact of corrections on their prior and current year financial statements.
XBRLAnalyst already considered restatements as part of financial process. Reports generated from XBRLAnalyst have the most recent value of data amongst the XBRL reports filed. With this feature, comparison of current and previous reports, including restatements, will be easily detected.
A sample of this is presented on attached template by using FINVALUE function. The results came from getting the difference of the fiscal year end and the most recent reports filed by the company, showing the restated amounts for each account. Since the system is getting the latest data, adding “Original” period code will be commanding XBRLAnalyst to pick up the data from previously filed statements instead.