Provision / direct write-off of preceding year - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Accounting and Audit (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=7) +--- Thread: Provision / direct write-off of preceding year (/showthread.php?tid=9539) |
Provision / direct write-off of preceding year - thehawk - 02-18-2011 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, |