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Difference between pervasive and non pervasive

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Difference between pervasive and non pervasive

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by Ken Garrett.
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  • March 14, 2017 at 7:31 pm #378225
    hemraj123
    Member
    • Topics: 110
    • Replies: 188
    • ☆☆☆

    Sir, supposing that the cost of sales (say inventory figure is wrong) figure in the profit or loss statement will be wrong, this figure will be taken to statement of changes in equity, statement of financial position and statement of cash flows.

    No matter what the error might be, all the financial statements are to be affected.

    So, in that case, will all material errors be pervasive?

    How can we isolate the error?

    Thanks

    March 15, 2017 at 8:39 am #378309
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    No, otherwise all misstatements affecting profit would be pervasive eg failure to write off a material bad debt. There are no definite rules about when something is pervasive, but it really has to have an effect on the FS that mean they are so wrong as to be useless and that the error cannot be ring fenced.

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