What conditions are necessary for an item to qualify as a prior period adjustment?

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Financial Statement Analysis

ISBN: 978-0078110962

11th edition

Authors: K. R. Subramanyam, John Wild

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Question Posted: Jan 22, 2015 10:24 AM

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A prior period adjustment relates to the income of past accounting periods. Explain how such an item is shown in the financial statements.
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What conditions are necessary for an item to qualify as a prior period adjustment?

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To qualify as a prior period adjustment an item must meet the following require...View the full answer

Financial Statement Analysis

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