What impacts should companies consider?
- Restatements can be drawn out and expensive processes may require management to communicate with many different stakeholders, including the board of directors, auditors, regulators and shareholders.
- Management may not have deep in-house technical resources in certain areas of accounting (e.g., derivatives, hedging and consolidation).
What should companies do?
- Gain an understanding of different stakeholders' expectations and how to navigate effectively through sensitive discussions.
- Seek integrated skill sets to support expertise needed in SEC and other regulatory reporting requirements (e.g., 10-K/A, 8-K, 12b-25), valuation, tax, actuarial, training, accounting policies and other needs critical to accurate financial reporting.
How PwC can help
PwC is a trusted resource for helping companies navigate the complexities of financial restatements. Our knowledge of the regulatory review process puts you in a stronger position to develop financial reporting and disclosure practices. This support can help you develop strategies to withstand regulatory scrutiny, anticipate potential areas of SEC focus in future filings, and meet constantly evolving expectations for clear and transparent financial reporting.
Our experience includes complex, multi-year restatement advice and support, including project administration. Our specialists offer technical assistance in complex areas prone to restatement such as: