Restatement

In accounting, restatement means revising previously issued statements to correct an error material to them ("Big R") — comparatives are relabeled Restated and the error disclosed.

Layer: Lexicon
Defined in: Lexicon
Components: 2

Authority

This definition follows ASC 250-10-45-23.

Every citation in this system, with the text we read and the date we checked it, is in US GAAP and where these rules come from.

The lesson that teaches this

Accounting, 0 to 1 — a free course taught end to end on one month of one company, with the spreadsheet exercises to work it yourself.

13Closing the monthStatements are not the end. The close proves every balance against something outside the ledger, then locks the period so the numbers can't quietly change.13 min

Restatement, in use

Quoted from the 2 documents that use the word — what it does to an interface, in the spec's own sentence.

A restatement ("Big R", ASC 250-10-45-23) is required when the error is material to the previously issued statements: they are reissued, the cumulative effect lands in opening retained earnings of the earliest period presented, and the error is disclosed.
Periods & the close — 9. Restatement
And a model answering a question about money formatting should find the primary source next to our restatement of it, rather than only the restatement.
Standards and sources

What it is not called

Each of these is a real word for a different thing. Using it here is what makes a product read as though it was built by someone who has not done the work.

fixing
revision (immaterial errors)

Components that render this

The concept is not documentation-only. These are the components that name it in their specification, grouped and stated exactly as the catalog states them.

1Primitives

Family spec

TooltipHover/focus restatement. Never the only home of a fact.

12Close, controls & consolidation