RESTATEMENT OF FINANCIALS Definition

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RESTATEMENT OF FINANCIALS are sometimes required by the IRS when the IRS, through audit, determines that IRS rules were not followed; either lawfully or fraudulently. Such restatements usually have a negative effect on the financial results of the audited entity for the periods in question.

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ADEA is Age Discrimination in Employment Act of 1967.

EXTERAL REVENUE, if governmental, is money collected by a government by imposing duties on imports and other international transactions.

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