Calendar year 2007 experienced the first decline in restatement disclosures since 2001. During 2007, a total of 1237 restatements were filed by 1109 unique companies. These numbers represent a 31% drop in the number of restatements (1801 down to 1237) and a 30% drop in the number of unique filers (1581 down to 1109. This trend appears to indicate that publicly traded companies are adapting to the more rigorous conventions, with respect to financial reporting, adopted in response to, and in conjunction with, the Sarbanes Oxley Act of 2002 and other rules adopted to improve the accuracy and reliability of corporate financial disclosures since the collapse of Enron and WorldCom.
