prior period errors

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August 23, 2019 at 5:37 am #528468
proticz
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Hello tutor
hope you are doing well

I got a query to ask from ias8 and it’s regarding prior period error

What should be the correct treatment for this like if we have some error from previous year F/S ?
August 27, 2019 at 9:01 pm #540065
P2-D2
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- Topics: 4
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Hi,

I’m well thanks, especially after the result in the cricket this weekend.

Prior period errors are corrected retrospecitvely. So we adjust the asset/liability to the amount it should have been at the start of the year, and any adjustment is posted through opening retained earnings in the SOCE.

Hope the revision is going well.

Thanks
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