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Can Audited P&L Account changed afterwards?

AS 1053 views 3 replies

Vivek

37 Points Joined July 2010

Dear Friends,

My question is whether allready audited and filed P&L Account can be changed in next year's P&L Account?

Or grouping can be changed afterwards?

or can an entry be made that increased revenue and expenses of last year's audited P&L with same amount ??

Thanks

Replies (3)

V P Narasimhan

Accounts Manager

793 Points Joined November 2008

In my opinion once audited & filed B/s has been nothing should be changed provided it can be done before closure of the subsquent accounting year and a revised i repeatg a revised tax return has to be filed.

Om Prakash

Accountant

32 Points Joined December 2010

how to post entry of service tax in tally erp9 release 2.1

Guest

Once the Balance sheet and Profit and Loss Accounts are filed, you cannot change it in the next accounting year.

Grouping - There is no provision which restricts any change in grouping, hence you can proceed with the same

Prior Period Items - If there is any entry which you want to do in the previous year and because of which the income or expense will increase than the same is not appreciated. It's better you follow the Accounting Standard 5 - Net Profit or Loss for the period, Prior Period and Change in Accounting Policies.

Hope this will serve the purpose