Prior Period Errors

Source: Ind AS 8 (summary)

Material prior period errors are corrected retrospectively in the first financial statements approved after their discovery. The entity restates the comparative amounts for the prior periods presented, or the opening balances of the earliest period presented when the error occurred before that period.

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About Accounting

Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.

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