Treasury releases study on changing nature, consequences of restatements.

A Treasury Department-commissioned study, The Changing Nature and Consequences of Public Company Financial Restatements (www.treasury.gov), was released recently as part of the department's efforts to encourage U.S. capital markets' competitiveness. The study, conducted by University of Kansas Professor Susan Scholz, provides an in-depth look at the soaring number of financial restatements in the years before and after the Sarbanes-Oxley Act. Financial restatements grew from 90 in 1997 to 1,577 in 2006 with acceleration in...