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prior peeiod adjustments
pls clarify if we are drafting balance sheet for f.y. 2016-17 as per ind as then how to adjust any expenses pertains to 2015-16 but ommited to be provided in 2015-16 then how we present it
Replies (5)
you have to show as prior period expense of 2015-16 in 2016-17 by debiting perior expense to profit and loss .
sir in ind as regime prior period is not required to be shown
ok what about. companies not applicable to IND As
Ind AS 8 requires rectification of material
prior period errors with retrospective effect subject to limited exceptions viz., where it is
impracticable to determine the period specific effects. On the other hand, existing AS 5 requires the rectification of prior
period items with prospective effect.
prior period errors with retrospective effect subject to limited exceptions viz., where it is
impracticable to determine the period specific effects. On the other hand, existing AS 5 requires the rectification of prior
period items with prospective effect.
Effect to be made retrospectively...show the restated figures in comparative and also change retained earnings in the subsequent year in which error was made
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