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Prior Period Error

This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.

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July 27, 2021 at 10:35 am #629560
Jiya024
Member
- Topics: 168
- Replies: 56
professor suppose the revenue for 31march 20X2 was incorrectly stated at $1m when it should have been stated at $2.5m, in this case in the FSs of 31march 20X3 (the year in which error was discovered) we will restate REVENUE in SPL, TRs(if it was at credit) and Retained earnings in SFP, right?
Or adjustments will only be made in SFP? and no retrospective adjustment for SPL? is it?
July 28, 2021 at 5:37 pm #629696
Stephen Widberg
Keymaster
- Topics: 12
- Replies: 2843
Change the 20×2 revenue with a corresponding entry against RE. Mechanics of PPA are in our FR lectures.
(I am assuming that the error is material).
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