TAILIEUCHUNG - SECURITIES AND EXCHANGE COMMISSION: Staff Accounting Bulletin No. 104

We analyze a sample of 159 . public companies that restated their earnings in the years 2000 or 2001 and an industry-size matched control sample of 159 nonrestating firms. We have assembled a unique, handcollected data set that contains detailed information on the corporate governance characteristics of these 318 firms. Our sample includes restatements by prominent firms such as Abbott Laboratories, Adelphia, Enron, Gateway, Kroger, Lucent, Rite-Aid, Tyco, and Xerox. We find no relation between the probability of restatement and board independence, audit committee independence or auditor conflicts. But we find that the probability of restatement is significantly lower in companies whose boards or audit committees include an independent director. | SECURITIES AND EXCHANGE COMMISSION Corrected Copy 17 CFR Part 211 Release No. SAB 104 Staff Accounting Bulletin No. 104 AGENCY Securities and Exchange Commission. ACTION Publication of Staff Accounting Bulletin. SUMMARY This staff accounting bulletin revises or rescinds portions of the interpretative guidance included in Topic 13 of the codification of staff accounting bulletins in order to make this interpretive guidance consistent with current authoritative accounting and auditing guidance and SEC rules and regulations. The principal revisions relate to the rescission of material no longer necessary because of private sector developments in . generally accepted accounting principles. This staff accounting bulletin also rescinds the Revenue Recognition in Financial Statements Frequently Asked Questions and Answers document issued in conjunction with Topic 13. Selected portions of that document have been incorporated into Topic 13. DATE December 17 2003 FOR FURTHER INFORMATION CONTACT Chad Kokenge or Shelly Luisi in the Office of the Chief Accountant 202 942-4400 Securities and Exchange Commission 450 Fifth Street NW Washington DC 20549-1103. SUPPLEMENTARY INFORMATION The statements in staff accounting bulletins are not rules or interpretations of the Commission nor are they published as bearing the Commission s approval. They represent interpretations and practices followed by the 1 Division of Corporation Finance and the Office of Chief Accountant in administering the disclosure requirements of the Federal securities laws. Margaret H. McFarland Deputy Secretary Date December 17 2003 Part 211 - AMEND Accordingly Part 211 of Title 17 of the Code of Federal Regulations is amended by adding Staff Accounting Bulletin No. 104 to the table found in Subpart B. STAFF ACCOUNTING BULLETIN NO. 104 Note The text of SAB 104 will not appear in the Code of Federal Regulations. The staff hereby revises Topic 13 of the Staff Accounting Bulletin Series as follows 1. Topic

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