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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

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More Long Looks Back
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Posted by: Jack Ciesielski 10/27/2006 6:00 AM
F5 Networks filed a non-reliance 8-K on Wednesday; MIPS Technologies also filed a non-reliance 8-K that day. I'll cut to the chase: both companies announced that they'll be restating back as far as 1999 when they're finished their investigations of options backdating.

That's on top of a few other recent disclosures (Monster, Integrated Silicon, Valeant Pharma) that their revisions will be presented on a restated basis rather than a catch-up basis. F5 and MIPS won't be restating as far back as the others but back to 1999 is still a long time.

It's safe to say a pattern is emerging: if you buy off on these plans, restatements will be done on a fully restated basis - something that would be much more useful for investors trying to assess how far off base managements led them during the "anything goes" years. (At least for this week, there's a pattern. More informal monitoring to come.)
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