Are restatements and revisions the same thing?

Well, no. All restatements have revisions, but not all revisions are part of a restatement. A restatement is a case in which a company restates and essentially reissues previously filed financial statements. A restatement is needed when there was a material error in the previously issued financial statements. This may have been caused by mistake, or intentionally as part of a fraud or for other reasons.

A revision on the other hand is a case in which companies change (revise) previously reported amounts in a subsequent financial statement. For example, a company reports revenues for December 31, 2015 of $4,000,000 in their 10-K for 2015. The company may later change that amount, and in the 10-K for 2016, report a revised revenue amount for 2015 of $3,900,000.

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