priyanka
26-11-07, 10:35 AM
Correction of prior period errors: If located before authorisation of FS: Routine correction is made
If located after authorisation of FS:
1. Restate comparative amounts for the prior period in which the error occurred
2. Restate opening balances of the earliest prior period presented
3. Exclude the item from the profit and loss for the current period
If located after authorisation of FS:
1. Restate comparative amounts for the prior period in which the error occurred
2. Restate opening balances of the earliest prior period presented
3. Exclude the item from the profit and loss for the current period