Papa John’s International Inc. this spring discovered an accounting error that had caused years of misstated financial numbers. The pizza chain decided the mistake wasn’t serious enough to require it to reissue its financial statements. The Securities and Exchange Commission asked why because several important numbers were off by more than 5%, a widely used rule of thumb for requiring the most serious type of restatement. The company told the SEC it uses 5% as a “first step,” but then applies its own 10% measure to decide...

Source: Wall Street Journal December 05, 2019 10:30 UTC