When is consistency and comparability lost?

Recall that two of the qualitative characteristics of accounting information that contribute to relevance and reliability are consistency and comparability. This fiscal year is shaping up as probably having the largest number of restatements in history. What will be the result of all of these restatements on investor's ability to use the financial information? Take for instance the following press release of CSK Auto the company is delaying the release of its fourth quarter and annual financial statements because it is reviewing its lease accounting and because it may change from LIFO inventory accounting to FIFO:

"Due to our review of our lease accounting practices, as well as other matters including a potential voluntary change of inventory accounting method from the LIFO-based method to the FIFO-based method, which we are currently evaluating, our year-end financial closing process is taking longer than anticipated. As a result, we have concluded that it is necessary to delay the scheduled announcement of earnings for the quarter and year ended January 30, 2005. Additional details regarding the earnings release and conference call will be forthcoming," said Maynard Jenkins, Chairman and Chief Executive Officer of CSK Auto Corporation.

So this company could see both a lease restatement and an inventory restatement, maybe 2004 will go down as the year of lost financial relevance.