Drawing up the annual financial statements at times even experienced accountants can identify the error that was made in the last reporting period.
Rules make corrections in accounting and tax reporting are regulated by legislation, following which it is possible to minimize the possible negative consequences.
Discover the Regulation 22/2010 on accounting "Correcting errors in the balance registered and reporting ", approved by order of the Ministry of Finance of the Russian Federation of 28.06.2010 №63n year, which sets the rules of the error correction made during the accounting filling.
Make corrective entries last numberthe reporting period, if errors were found after reporting but prior to its approval in this period. To do this, use the reversal (the way of making an entry in the balance registered, Otherwise known as' reversal of the recording "), as well as perform additional or reverse wiring.
Do not make any changes to the already approvedfinancial statements, which is presented to users. The fact that the number of users of accounting theoretically unlimited, so it is practically impossible to replace on the revised statements for previous periods. In this connection, according to claim 39 PBU 22/2010, it is necessary to reflect the correction in the financial statements that are prepared for the reporting period during which the error was detected.
Reflect loss or profits, arisingafter amendment, included in other income or expenses in the current period reversal entries bringing the account balance to the required values, or through additional wiring.
Analyze the error that causedmisstatement of financial results in the past years. In this case it is necessary to reflect the identified gain or loss in the account 91 vnerealizovannuyu as the profit or loss determined in the reporting year but relating to the transactions of the past years. Adjustments made in deciphering specify the individual losses or profits.
Make an explanatory note to the annual financial statements in which the open nature of the error and the amount carried into the patching adjustments.