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Profession doubt
what is mean by mis statement in the financial statement please elucidate
Replies (4)
Misstatement is the difference between the required amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair presentation, as per the applicable accounting framework
Unfortunately there is no standard like INDAS which will explain the nature of errors. As per B.Com terminology, it can be called as error of principle. For this, go through INDAS standards which explains materiality concept and different prior period errors.
I got a chance to refresh my memory
- Error of principle
- Clerical errors
- Errors of Omission
- Errors of Commission
- Compensating Errors
- Types of Errors in Accounting (byjus.com)
Here it is looking like input error while professional texts combine it into prior period error.
Thank you
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