Profession doubt
MPR Sanjay Kumar (3118 Points)
11 November 2021
what is mean by mis statement in the financial statement please elucidate
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 11 November 2021
Misstatement is the difference between the required amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair presentation, as per the applicable accounting framework
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 11 November 2021
Unfortunately there is no standard like INDAS which will explain the nature of errors. As per B.Com terminology, it can be called as error of principle. For this, go through INDAS standards which explains materiality concept and different prior period errors.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 11 November 2021
I got a chance to refresh my memory
- Error of principle
- Clerical errors
- Errors of Omission
- Errors of Commission
- Compensating Errors
- Types of Errors in Accounting (byjus.com)
Here it is looking like input error while professional texts combine it into prior period error.
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