Maybe 2004 should have been called the year of the restatement -- amended filings for financial restatements by public companies due to accounting errors rose 28 percent in 2004, to a record 414, up from 323 the previous year, according to a report by Huron Consulting Group.

Similar to the prior years, five categories of accounting issues caused nearly 60 percent of the problems in 2004 financial restatements. The three leading causes were: revenue recognition; equity accounting; and reserves, accruals and contingencies, according to Huron's 2004 Annual Review of Financial Reporting Matters, which analyzed restatements filed in amended filings with the Securities and Exchange Commission for the year ending Dec. 31, 2004.

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