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Select the statement that is not correct regarding financial statement misstatements that require reissuance of previously issued reports.
Multiple Choice
O Notice of reissuance of prior period financial statements must be made in subsequent filings.
O Information regarding misstatements must be reported to the SEC within four days of discovery of the misstatement(s).
O All investors must be informed by the company in writing.
O Reissuance of financial statements is required for severe misstatements of reported information.

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The financial statement misstatements that require reissuance of previously issued reports is All investors must be informed by the company in writing D) Notice of reissuance of prior period financial statements must

What is Reissuance of financial statements?

  • Revision of one or more prior financial statements of a company to fix an error is known as restatement. Restatements are required when it is discovered that a prior statement was "materially" inaccurate. This is the most typical justification for restating financial statements. Errors may be discovered by the company or the auditors after the statements have been released.
  • Financial statements must be updated and distributed to users again if the error is thought to be material to the financial statements. A restatement is a modification of a previously published financial statement made to fix an inaccuracy, according to the Financial Accounting Standards Board (FASB). If it is found that a prior statement has an error that is "material," a new statement is necessary.

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