Misstatements and Restatements

The AP reports that AIG has asked for a second delay in filing its 10-K with the SEC while it sorts out the meaning and impact of the finite reinsurance deals with Berkshire Hathaway and other firms:

AIG said its 10-K filing with the Securities and Exchange Commission would be delayed until April 30 to provide AIG, its board and its new management adequate time to complete their review of its books and records.

New York-based AIG had previously gotten a delay in the filing until March 31 after Maurice Greenberg said he was retiring as chairman of the company he had built into one of the world's largest insurers. He was ousted by the board as chief executive two weeks earlier because of the intensifying regulatory probes.

Estimates of AIG's coming restatements based on the ongoing investigations range from $1 billion to $3 billion.
For those who like this sort of stuff, here's Enron's classic news release dated November 8, 2001 detailing the financial restatements that brought the company down.
Update: AIG announced that accounting corrections stemming from its internal nquiry will reduce shareholders' equity by $1.7 billion. The announcment cautions that the company has not completed its review:

The investigations and AIG's review are continuing, and AIG cannot presently determine whether additional matters will be discovered or further adjustments will be required.