Prior period item
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 October 2011
Suspense account created due to errors or omissions in the current year and due to non-correction of such suspense account in the following financial years,it is continued.Is such suspense account a prior period item?
16 November 2011
AS 5 defines prior-period items as "Prior period items are income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods".
Accordingly, if the suspense account affects the P&L account, it will be treated as prior period item.
Accordingly, if the suspense account affects the P&L account, it will be treated as prior period item.
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