Prior period item
This query is : Resolved
02 July 2013
A company has created a provision for expenditure in last 4 financial years . In current financial year it comes to know that there was no need to create provision for that expenditure at all as it was not applicable to the company. Now the whole provision created in last 4 years have been written back. Whether this write back income is prior period or not?
07 July 2013
yes. it is prior period item only
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