How to do prior period Adjustment? Does it mean alteration of previous year accounts or the adjustment in current year?

Question added by Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group
Date Posted: 2015/03/04

Upvote (1) Views (14) Followers (4) Answers (3) Report Question

by gilbert aguelo , house keeping supervisor , AL YAMAMA

addjusment to acurent year

by Linda Jaison , Accounts Executive , Orostar Explosion Proof Electrical Materials Trading LLC

Adjustments for the current year.

by IMTIAZUR RAHMAN , Administration And Customer Care Officer , Amira Enterprises (Importers, Marketing & Retail Sales), Mississauga, Ontario

Adjustment to be done in the current year.

What are the prior period adjustments to expenses incurred in previous period but paid in next with examples?
Top Answer: <p>At times certain expenditures remain outstanding at the end of the accounting period which has n ... See More

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What is prior period adjustments ? How it is accounted in books ? Explain with examples .
Top Answer: According to IAS8 Accounting policies, changes in accounting polices and errors, prior period adjustments ... See More

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Will a change in the company's inventory costing method (e.g. from weighted average to FIFO) warrant a prior period adjustment? If yes, why?
Top Answer: The weighted average cost nethod uses the formula:total cosf of items in inventiry available fir sale di ... See More

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What is a prior period adjustment?
Top Answer: <p>Prior period adjustments are the revenue items pertaining to previous periods arising due to err ... See More

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