Asset Disposal prior year not reflected on Balance Sheet - Corrective action

[color=red][/color]Hi,

If an item on the balance sheet was disposed of in a previous year and had not been removed from the balance sheet would you restate the prior year accounts on this basis or just show the disposal in year and add a note to the accounts. Would you speak to the auditors prior to this aswell. Has anybody had this previously and if so how did you address it. Any advice welcome.
Parents
  • The Code has requirements for when you correct a prior period error by restating a prior year.Refers only to correction of material errors. If the error is not material, just put it through current year.
Reply
  • The Code has requirements for when you correct a prior period error by restating a prior year.Refers only to correction of material errors. If the error is not material, just put it through current year.
Children
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