RESTATEMENT OF FINANCIALS Definition

Bookmark and Share

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.

Learn new Accounting Terms

GENERAL ACCOUNTING involves the basic principles, concepts and accounting practice, recording, financial statement preparation, and the use of accounting information in management.

IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into: a. Real Accounts, e.g. Asset Account; and, 2. Nominal Accounts, e.g. Income and Expenditure Accounts.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.