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Ap invoice cancellation

This query is : Resolved 
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(Querist)
21 October 2011 Please can some one explain whether we have any governing rule either under India AS or under US GAAP or SOX which narrates the process or any approval work flow for cancelling an AP invoice which was booked in prior quarters.

For Example: I booked a Liability i Jan '11 and want to reverse it either by Cancelling or raising a Credit memo (This invoice is unpaid in system). Is this a questionable item from Audit front stating that liability is booked incorrect in one quarter for various reasons?
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Nirpendra Singh

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Nirpendra Singh (Expert)
21 October 2011 While reversing any liability, you should know the reason behind that regarding its incorrectness or cancellation.
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