Vivek (CS) (37 Points)
14 September 2010Dear Friends,
My question is whether allready audited and filed P&L Account can be changed in next year's P&L Account?
Or grouping can be changed afterwards?
or can an entry be made that increased revenue and expenses of last year's audited P&L with same amount ??
Thanks
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 01 February 2011
In my opinion once audited & filed B/s has been nothing should be changed provided it can be done before closure of the subsquent accounting year and a revised i repeatg a revised tax return has to be filed.
Om Prakash
(Accountant)
(32 Points)
Replied 22 April 2011
Once the Balance sheet and Profit and Loss Accounts are filed, you cannot change it in the next accounting year.
Grouping - There is no provision which restricts any change in grouping, hence you can proceed with the same
Prior Period Items - If there is any entry which you want to do in the previous year and because of which the income or expense will increase than the same is not appreciated. It's better you follow the Accounting Standard 5 - Net Profit or Loss for the period, Prior Period and Change in Accounting Policies.
Hope this will serve the purpose
CAclubindia
