Reversal of expenses
This query is : Resolved
26 September 2011
Dear Experts,
I have come accross a situation where during the year a reversal of earlier provision is made as the contract got cancelled and same was provided in last year and during the year there is no such expense against which this provision can be reversed so where to show it in financial statements, whether in income side or below the line as extraordinary and prior period item plz reply soon with the supporting if any
As per my knowledge it should be shown below the line
I have come accross a situation where during the year a reversal of earlier provision is made as the contract got cancelled and same was provided in last year and during the year there is no such expense against which this provision can be reversed so where to show it in financial statements, whether in income side or below the line as extraordinary and prior period item plz reply soon with the supporting if any
As per my knowledge it should be shown below the line
26 September 2011
plz reply experts i want to finalise
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