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Cnacion CHAPTER 29: 4 Emre CORRECTION OF ERRORS _{_@BINTING STANDARD RFE p58 Accounting Poles, Changes in counting Estimates and Enors i i | “at oP etn 1 | 2, Definition of Prior Period Errors ‘ i i 3.Treatment of Prior Period Erors &_Types of Errors sieoducion 1» rosin the financial statement can acu nthe ares of recog, measurement, presentation, and disclosure, “ > Porto the issuance of fnancl tatements, an potent cure ‘errors detected in that period are corrected. mt oo > Motel eves, onthe other hand are oten ot detected ut @ subsequent period, and prior prod errs are ceed tl 2 canpacave iomaton gen ‘be fc! sates tw ee | subsequent peo | iti rior > Prior period errors ere omissions ant financial statements for one or mate cor misuse of reliable data that: % Was made available wien financial statements for these periods were authorized for isue, 16 misstatements in_ an entity's Periods caused by afalure to use Could fave been reasonably expected to have been recelved and Considered in the preparation and presentation of those fhancial statements, Tote > Mathematical errors, errors in implementing accountng standards, ‘Oversghts or misinterpretations of facts, and fraud ae all examples of period errors, Teatment of Prior Period Errors Material prior period erors shall be corrected retroactively inthe ist set of financial statements authorized for issue ater they are discovered. > If comparative statements are presented, a prior period eror shall be Corrected through retrospective restatement, which means the prior year | statements must be restate to correct the error. rings of the ‘The adjustment of the beginning balance of retained earnings earliest period shown isthe correction ofa prior period errr. 1433