# Restatement

> Restatement — Revising previously issued statements to correct an error material to them ("Big R") — comparatives are relabeled Restated and the error disclosed.

Source: https://lopifi.com/glossary/restatement
Part of: Lopifi — US GAAP books on autopilot, reviewed by a CPA (https://lopifi.com)

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**What is 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.

## Words this system refuses for it

- fixing
- revision (immaterial errors)

- **Category:** Close
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Rendered by:** [tooltip](https://lopifi.com/md/components/tooltip), [restatement-banner](https://lopifi.com/md/components/restatement-banner)