Restatement of Financial Statement

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Restatement of Financial Statement

Introduction

Financial statements highlights the financial performance of the company, it can be defined as a record of financial activities and transactions during a period of time which can be monthly, quarterly, semi-annually or annually. However a firm may have to restate its financial statements of prior year due to occurrence of an error, or as a result of breakdown in internal control. Another possible reason that may lead companies to revise their financial statement would be to conform to new industry practices or to reflect changes in accounting principles or as a ...