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Non-reliance (Item 4.02)

Also called restatement.

A company's conclusion that financial statements it already issued should no longer be relied on because of an error.

It's reported on an 8-K under Item 4.02, naming the periods affected and briefly describing the facts. The conclusion can come from the board, a board committee, the company's officers or its auditor. Source 1 Source 2

Issuing corrected financial statements is called a restatement.

Related terms

Sources

  1. SEC: Compliance and Disclosure Interpretations: Exchange Act Form 8-K (opens in a new tab)
  2. SEC: Form 8-K and its general instructions (opens in a new tab)

All glossary terms