21 October 2011
Please can some one explain whether we have any governing rule either under India AS or under US GAAP or SOX which narrates the process or any approval work flow for cancelling an AP invoice which was booked in prior quarters.
For Example: I booked a Liability i Jan '11 and want to reverse it either by Cancelling or raising a Credit memo (This invoice is unpaid in system). Is this a questionable item from Audit front stating that liability is booked incorrect in one quarter for various reasons?
CAclubindia
