Prior period expenses

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Soumen Kanti Mukherjee

Soumen Kanti Mukherjee (Querist)
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22 September 2012 What is Prior Period expenses? Please Solve my Quaries.

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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25 September 2012 Income or Expenditure which arise in the current period as a result of error or omissions in the preparation of the financial statements of one or more prior periods.

For more detail refer AS-5.

Link Attached

www.mca.gov.in/Ministry/notification/pdf/AS_5.pdf