Errors-financial period, Financial Accounting

Errors

An error is an error discovered in the current financial period but it relates to one or more previous financial periods. Such errors arise due to mathematical mistakes, misapplication of accounting policies, oversights and fraud.

The statement requires that if such an error is material i.e. the previously reported financial statements were materially misstated or misrepresented, then, the opening balances of the current financial period must be restated and if practical, the previous financial statements should be restated. Therefore an error requires retrospective application.

Posted Date: 12/12/2012 12:58:56 AM | Location : United States







Related Discussions:- Errors-financial period, Assignment Help, Ask Question on Errors-financial period, Get Answer, Expert's Help, Errors-financial period Discussions

Write discussion on Errors-financial period
Your posts are moderated
Related Questions

I want to do a custom dissertation on IAS 40 investment property which needs to include a brief outline, positive as well as negative international critique with respect to the sta

I have a case study due in one of my classes. There are 3 pages of information about the company in the case, and there are 12 questions I must complete. Each question is basically

Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss

Prepare an Excel spreadsheet containing the following: - Construct the next five-year pro-forma statements (income statement and balance sheet). - Estimate annual F

Format of the Balance Sheet It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should b

What are the sailent features of branches

Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)

Surviving Spouse - This is a person whose wife or husband died during tax year. A surviving spouse can file a JOINT RETURN for the year in which death occurred. Additionally a join

Go to your assigned corporation's website and access their latest annual report. Answer the following questions regarding their derivative and foreign currency transactions. 1.