In 2010, only one S&P 500 company voluntarily disclosed its own accounting error. Here are some
- In 2010, 699 companies registered with the SEC revised their financial statements, more than the 640 that did in 2009-but fewer than half the number for 2006, which was 1,566.
- In 2010, 44 banks issued revised statements; the figure for 2009 was 45. Between 2008 and the end of 2010, 133 banks made corrections. In the three-year interval before the financial crisis, 169 banks issued revised statements.
Why do you think so few banks have issued restatements in the years following the crisis?