Accounting standard

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Deep Krishna (Querist)
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28 December 2011 Fixed assets acquired in FY 2010-11 were not shown in audit report of FY 2010-11. Can we show fixed assets in audit report of FY 2011-12 ? As per my opinion we can it as significant error while preparing financial statements and correct in FY 2011-12.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 December 2011 My view. if the assets purchase debited to p&l and claimed as expenses then it can be taken as the error during the last financial year as per Accounting Standard 5. can be debited in to Fixed assets reverse the expenses as prior period Income

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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06 April 2012 I agree with the expert. Kindly follow the advise of the expert

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