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Prior period item

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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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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