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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Applicable TDS for Purchase of Flat from NRI
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- Annual return of gst limit
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
