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Dear Sir!!
Hope you will be fine,we had recorded advance rent payment as an assets in 2014 amount USD 5867 for three years, 2014, 15, and 2016. in 2014 we did not expense it out and as well in 2015 and in 2016. it still exist in full as assets in 2016 FS. So now what should we do. Should we expense it out in full to 2016 or not. please guide me.
thanksIf it’s material it should be treated as a prior year adjustment and the comparative figures for the previous year of 2015 should be restated
But that means that the 2014 figures that give us the brought forward retained earnings for the start of 2015 also need to be recalculated
I don’t recognise this as a question from F7 – I do hope that you’re not asking me to resolve matters that you have come across in your work! That would be unethical … unless you’re prepared to pay me for my professional advice
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