Where should we transfer the amount of wrong estimation of previous year in the current year pursuant to provision on unrealised interest for banks?
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Wrong estimation of provision
Replies (2)
As per my understanding, wrong amount should be reversed. If it is due to error or omission in previous year then as per As 5 it should be shown as Prior Period Item in P/L.Revision of estimates due to change in circumstances is not error or omission.
Agree with Roopali...
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