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This excerpt taken from the ROST 10-K filed Apr 14, 2005. Management’s Consideration of the Restatement In coming to the conclusion that our internal control over financial reporting was effective as of January 29, 2005, our management considered, among other things, the need to restate our previously issued financial statements as disclosed in “Note B” to the accompanying consolidated financial statements included in this Form 10-K. We reviewed and analyzed the Securities and Exchange Commission’s Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” Accounting Principles Board Opinion No. 28, “Interim Financial Reporting,” 53 paragraph 29 and SAB Topic 5 F, “Accounting Changes Not Retroactively Applied Due to Immateriality,” and took into consideration (i) that the restatement adjustments did not have a material impact on the financial statements of prior interim or annual periods taken as a whole; (ii) that the cumulative impact of the restatement adjustments on shareholders’ equity was not material to the financial statements of prior interim or annual periods; and (iii) that we decided to restate our previously issued financial statements solely because the cumulative impact of the error, if recorded in the current period, would have been material to the current year’s reported Consolidated Balance Sheet and Statement of Cash Flows. Based on our review and analysis, the Company’s management concluded that the restatement of the prior period financial statements was not in itself a material weakness and that when aggregated with other deficiencies did not constitute a material weakness. |
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