Bank of America Corp. said Wednesday it will restate its earnings going back to 2002, resulting in a net gain of $345 million at the nation's second-largest bank. Bank of America said the restatement adjusted the accounting of derivative transactions, which are used to offset volatility in interest rates and foreign currency. The restatements include quarterly and annual periods in 2002 through 2005, the bank said. The revisions were made to meet reporting requirements by federal regulators, the Charlotte, N.C.-based bank said. Bank of America joins companies including Fannie Mae in acknowledging some transactions didn't comply with Statement of Financial Accounting Standards 133, which governs the use of interest-rate swaps and other derivatives. "The interpretations of how to apply SFA...
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