Directory · 12 entries
Financial restatement and correction rules: directory
This directory lists the rules that decide when published financial statements must be corrected, who acts, and what the record shows afterwards. Each row comes from the rule text or the issuing body's own page. A US company that concludes past statements should no longer be relied upon files Form 8-K Item 4.02 1. Under IAS 8, material prior period errors are corrected by restating comparatives 3. EU enforcers can require a corrective note 4.
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Form 8-K Item 4.02(a), non-reliance concluded by the company
- Jurisdiction
- United States
- What triggers it
- The registrant concludes that previously issued statements should no longer be relied upon due to an error, as addressed in FASB ASC Topic 250 1
- What must happen
- Disclose the date of the conclusion, the statements and periods affected and a brief description of the facts, within four business days 1
- Source
- SEC Form 8-K 1
Form 8-K Item 4.02(b), non-reliance notice from the auditor
- Jurisdiction
- United States
- What triggers it
- The independent accountant advises that action should be taken to prevent future reliance on a previously issued audit report or completed interim review 1
- What must happen
- Disclose the date of the notice, the statements affected and a brief description of the accountant's information 1
- Source
- SEC Form 8-K 1
Rule 10D-1, recovery of erroneously awarded compensation
PCAOB AS 2820, correction of a material misstatement
- Jurisdiction
- United States
- What triggers it
- Previously issued financial statements are restated to correct a prior material misstatement 5
- What must happen
- Auditor adds an explanatory paragraph stating that the statements have been restated, with a reference to the note describing the correction 5
- Source
- PCAOB AS 2820, paragraphs .09, .16 and .17 5
IAS 8, prior period errors
IAS 8, changes in accounting estimates
AASB 108, prior period errors
- Jurisdiction
- Australia
- What triggers it
- Material prior period errors, meaning omissions from and misstatements in statements for one or more prior periods 8
- What must happen
- Correct retrospectively in the first set of financial statements authorised for issue after discovery. The standard states that for-profit entities complying with AASB 108 comply with IAS 8 as well 8
- Source
- Compiled AASB 108, which applies under section 334 of the Corporations Act 8
ESMA Guideline 7, reissuance of financial statements
ESMA Guideline 7, corrective note
ESMA Guideline 7, correction in future statements
Companies Act 2006, section 456
- Jurisdiction
- United Kingdom
- What triggers it
- Application to the court by the Secretary of State, or a person authorised by the Secretary of State, that annual accounts do not comply with the Act 6
- What must happen
- Court may order the directors to prepare revised accounts or a revised report 6
- Source
- Companies Act 2006, section 456 6
FRC corporate reporting review
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Notes
Rules and charges change. Check the official source linked on this page before you pay or travel. Spotted an error? Email hello@recordsdisagree.com.
Sources
- U.S. Securities and Exchange Commission: Form 8-K Current Report (OMB Number 3235-0060)
- U.S. Securities and Exchange Commission: Fact Sheet, Recovery of Erroneously Awarded Compensation
- IFRS Foundation: IAS 8 Basis of Preparation of Financial Statements
- ESMA: Guidelines on Enforcement of Financial Information, ESMA32-50-218 (4 February 2020)
- PCAOB: AS 2820 Evaluating Consistency of Financial Statements
- legislation.gov.uk: Companies Act 2006, section 456, Application to court in respect of defective accounts or reports
- Financial Reporting Council: FRC publishes Annual Review of Corporate Reporting (30 September 2025)
- Federal Register of Legislation: Compiled AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors (compilation date 31 December 2022)