Revision

In accounting, revision means correcting an immaterial prior-period error that would be material if corrected in the current period by adjusting the comparatives ("little r") — labeled As revised, no reissuance.

Layer: Lexicon
Defined in: Lexicon
Nearby: 4

Authority

This definition follows SEC SAB No. 108.

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

For founders

The same idea written for a founder: what it costs a startup that ignores it, and what to do in a real month.

W-9s and backup withholding: a vendor onboarding guideWhen to ask for a W-9, how IRS TIN matching works, and what happens when a vendor won’t give you one: 24% backup withholding, owed by you.

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.

restatement (material errors)

Nearby in the catalog

No component names this concept outright. These are the ones in its part of the system, which is a weaker claim — but a component nothing links to is a component nobody finds.

6Statements

4 of 4 builtFamily spec

Terms this one depends on

PeriodA fiscal reporting window

Also in Close

Defined in Lexicon. This page is generated from that document, so the two cannot disagree.