American International Group said today that the process of restating its 2004 finances on a generally accepted accounting basis has delayed its ability to supply state regulators with a combined statutory report requiring more conservative accounting.
Last May, after delaying it three times, AIG submitted an annual report to the SEC with a five-year GAAP restatement that reduced profits for that period by 10 percent.
The company–which has been sued by the New York Attorney General's Office for civil fraud and is reported to be considering a $1.5 billion settlement–admitted then that its listing of some transactions was "improper."
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