Hi all
If we find any errors of financial statements, must we reissue the financial statements of the year ?
Say. Error financial statements is for 2005, must we reissue after that year until the current year.
you will correct only the current financial statements, restating the balance sheet line item affected and the effect of P&L to be taken into opening balance of retained earning/reserves
in the notes explain the details of the period to which error states. Read IAS-8 for further details.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by noman</i>
<br />you will correct only the current financial statements, restating the balance sheet line item affected and the effect of P&L to be taken into opening balance of retained earning/reserves
in the notes explain the details of the period to which error states. Read IAS-8 for further details.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Thank you for your posting. My understanding is that we have only replace the figure which we mistook then. If so, we remind the interested party to pay attention for the current financial statements, then we don't have to reissue the financial statement such s for 2005 to the pervious year.
Am I right?