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Hi dear,
Please advise if there is underprovision from prior period shall we directly charge it to comprehensive of income statement as expense or to restate the opening balance of retained earnings? I am confuse on which circumstance should I restate the opening balance of retained earnings or to charge out directly to income statement. Please help.Thanks
Neither – if it’s an under provision, that’s merely an accounting estimate and will not involve a statement of the opening figures nor any adjustment through comprehensive income.
It’s automatically adjusted through the statement of income for this year
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