"The accounting environment has changed," Professor Grundfest said, such that restatements are more common, sometimes because of straightforward changes in accounting practices but sometimes not.
On October 16 , 2001 Enron announced that restatements to its financial statements for years 1997 to 2000 were necessary to correct accounting violations.
Other analysts say that the restatement causes discomfort about Xerox's future numbers.
While the company did not say when this review would end, it did say that a restatement was likely.
Navistar said that the restatement would not affect its forecast for a full-year profit of $4.60 to $5 a share.
"I'm expressing my disappointment and frustration that this restatement issue has haunted Interpublic," Mr. Dooner said during the conference call.
Still, some industry executives worry that the restatement will add further doubt about the online medium, which is still trying to establish its credibility with marketers.
Freddie Mac executives initially had said that the restatement would be complete by the end of the third quarter, or sometime next week.
My colleague Nicola Clark of the International Herald Tribune brings to my attention the fact that the restatement can be found in today's first quarter earnings release.
Freddie Mac has said repeatedly, and emphasized again yesterday, that the restatement has no impact on the actual results of its business last year, and simply affects when the profits it made in 2002 are reported.
