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The subject of the study is represented by errors which were made in financial statements
of prior periods and order of adjusting them according to International Financial Reporting
Standards (IFRS). The objective of the research was set to study out the materiality of errors
made in financial statements of prior periods, determination of classification and order of
adjusting the errors in accordance with IFRS. Different methods were used for achieving
set up goals: induction and deduction, analysis, synthesis, causal relationships, abstractly
logical, comparison, studying monographs and other generally accepted methods. According
to IFRS errors might be made while recognizing, measuring, submitting and disclosing
information about elements of financial statements. IFRS 8 divides such errors to errors of
current period and prior reporting periods. Errors of prior reporting periods may influence
or not influence the amount of undivided profit, material or not material, also intentional
or not intentional. IFRS/IAS do not set up any recommendations about quantity or quality
criteria or characteristics of materiality of errors. Every business entity preparing financial
reports sets up materiality of errors based on their own criteria of materiality of errors.
According to IRFS 8 paragraph 42 business entities adjust material mistakes of the prior
period retrospectively in the first set of financial statements confirmed before its disclosing
after their revealing. There are two ways to adjust these kind of errors: by transferring comparable sums for prior period (periods) presented when the mistake was made. Also by
transferring the residue of assets, liabilities and equity in the beginning of the period for the
earliest of the prior period presented, if the errors were made before the earliest of the prior
period presented. Information about errors of prior period must be disclosed. Practical use
of the research consists in bringing its main ideas to life through methodical innovations
and recommendations which may be applied while adjusting errors, by business entities
preparing financial statements according to IFRS. В статті з’ясовано сутність помилок у фінансовій звітності відповідно до
МСФЗ і наведено їх класифікацію. При цьому особливу увагу приділено помилкам
попередніх періодів, допущених у фінансовій звітності. Також досліджено порядок
виправлення помилок попередніх періодів згідно з вимогами МСФЗ, починаючи з наказу
про облікову політику і завершуючи інформацією щодо розкриття, та на конкретному прикладі наведено виправлення помилки попереднього періоду з відображенням
у формах фінансової звітності. |
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