Prior period errors
ID:CVPPE
Video Overview
What steps need to be followed when errors in the financial statements are discovered after they were published? They cannot be corrected in those financial statements. The next best thing is to show the correction of such an error in the current financial statements. Such corrections are called prior period errors. Prior period errors are corrected retrospectively. This means that the relevant amounts need to be changed by going back to the time of the error, and correcting the current amounts as if the error had never occurred. In this tutorial we are going to look at the steps involved in prior period errors.
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