Wrong classification

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Shailendra Jaiswal, (Querist)
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09 November 2022 Hi,

in Previous year some accounts are wrong classified like, some accounts classified as debtors instead creditors, what we we do in such type of case if ITR is field.
please give me reference applicable AS.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 November 2022 If the entity is a corporate, change the previous year figures in current year's financials and give a note in the notes to the accounts stating that............ prior period financial information has been re-classified to confirm with current years correct presentation.

If non corporate revise financials and file revised ITR.

Seems, no AS as such. It is a matter of judgement of the management of the entity.

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