Bank of America 2005 Annual Report Download - page 37
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Restatement
Overview
Bank of America Corporation (the “Corporation”) is restating its historical financial statements for the quarters
ended March 31, 2005, June 30, 2005 and September 30, 2005, the year ended December 31, 2004, including the
quarters ended March 31, 2004, June 30, 2004 and September 30, 2004, the year ended December 31, 2003, and other
selected financial data for the years ended December 31, 2002 and 2001. These restatements and revisions relate to the
accounting treatment for certain derivative transactions under the Statement of Financial Accounting Standards No.
133, Accounting for Derivative Instruments and Hedging Activities, as amended (SFAS 133). The Corporation is
presenting this restatement in its 2005 Annual Report on Form 10-K.
The restatement has the following impact on Net Income and Diluted Earnings Per Common Share (EPS) by period:
Impact by Periods(1)
(Dollars in millions, except per share information) Net Income
Adjustment Diluted EPS
Adjustment
BeginningBalanceAdjustment .......................................... $1,011 NotApplicable
2003 .................................................................. (49) (0.02)
2004
1Q04 ............................................................. (33) (0.01)
2Q04 ............................................................. (508) (0.12)
3Q04 ............................................................. 339 0.08
4Q04 ............................................................. 7 —
Year .............................................................. (196) (0.05)
2005
1Q05 ............................................................. (302) (0.07)
2Q05 ............................................................. 361 0.09
3Q05 ............................................................. (285) (0.07)
4Q05 ............................................................. (194) (0.05)
Year .............................................................. (421) (0.11)
Total ......................................................... $ 345
(1) For presentation purposes, certain numbers have been rounded.
For additional information relating to the effect of the restatement, see the following items:
Part II:
Item 6 – Selected Financial Data
Item 7 – Management’s Discussion and Analysis of Results of Operations and Financial Condition
Item 7A – Quantitative and Qualitative Disclosure about Market Risk
Item 8 – Financial Statements and Supplementary Data
Item 9A – Controls and Procedures
Part IV:
Item 15 – Exhibits and Financial Statements Schedule
1