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Provision / direct write-off of preceding year
02-18-2011, 07:40 PM
Post: #1
Provision / direct write-off of preceding year
Dear members,

Aslam-o-alikum!

Hope you all will be fine. I need help in matter summarised as under.

A company has a closed his financial year with a qualified audited report that balances are doubtful and required to be provided / written-offf on the basis of direct confirmations by the parties. In the current year Company has decided to write-off the preceding year's balance by restating the comparitive figures. Can it do this? Is it a prior period error under IAS-8?

Regards,
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