The SEC is working to finalize a controversial 2015 proposal that would force companies whose financial results contain errors to claw back some of their executives’ incentive pay
In the proposal, the SEC defines accounting restatements as the process of companies revising previously issued financials to reflect the correction of one or more errors that materially affects those statements, without describing the types of errors that would be considered material to investors.
These types of revisions have become increasingly common over the past decade. So-called “little r” revisions last year represented 75.7% of all restatements by U.S.-based public companies, up from 34.8% in 2005, according to data provider Audit Analytics. Major restatements, meanwhile, have become less common, comprising 24.3% of all restatements in 2020, down from 65.2% 15 years earlier, data show.
The SEC, in its request for additional feedback, asked respondents to weigh in on whether the regulator’s current definition of restatements should be broadened.
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