AS 5

Prior period items are material items that arise from "errors or omissions" in prior year/years Here we erroneously taken 10% depreciation instead of 15% so it will a prior period item for current accounting period

Muhammed Salih

CA Inter

★ 18K+

06-Mar-23 16:34

Thanks Muhammed Salih

Thread Starter

Prethivi Rajan

CA Final

★ 9K+

06-Mar-23 16:39

to add Correction of accounting errors: Errors in accounting, such as incorrect recognition of revenue or expenses, may be discovered during a subsequent period. These errors may have impacted the financial statements of one or more prior periods and will need to be adjusted in the current period's financial statements as a prior period item. i think the error is this type

Muhammed Salih

CA Inter

★ 18K+

06-Mar-23 16:41