When compiling annual financial statements, even experienced accountants can identify an error that was committed in the past reporting period.
The rules for making corrections in accounting and tax reporting are regulated by legislation, following which it is possible to minimize possible negative consequences.
Read Statement 22/2010 on Accounting "Correcting errors in the accounting Accounting And accounting "approved by Order of the Ministry of Finance of the Russian Federation No. 63n dated June 28, 2010, which sets out the rules for correcting mistakes made when filling out the accounting records.
Make corrections last numberOf the reporting period, if errors were identified after the preparation of the financial statements, but before its approval in this period. To do this, use the cancellation method (the method of making an entry in the accounting Accounting, Another term is also called "write reversal"), and also carry out additional or reverse posting.
Do not make changes to the already approvedAccounting reporting, which is presented to users. The fact is that theoretically the number of users of accounting is unlimited, so it is almost impossible to replace the corrected accounts for past periods. In this regard, according to paragraph 39 of PBU 22/2010, it is necessary to reflect the corrections in the reporting that is compiled during the reporting period during which the error was detected.
Reflect the loss or profit that aroseAfter making corrections, as part of other expenses or revenues for the current reporting period, by reversing the entry, bringing the balance of accounts to the required values or through additional postings.
Analyze the errors that are the causeDistortions of financial results in the past years. In this case, it is necessary to reflect the identified income or expense in account 91 as an unrealized profit or loss, determined in the reporting year, but related to the transactions of previous years. Make corrections in the decoding of individual losses or profits.
Write an explanatory note to the annual financial statements, which reveal the nature of the error and the amount of corrections made after correction.