Correction of an error is based on

Name: Correction of an error is based on
Brand: Quizplus
Rating: 4.9 (56 reviews)

Question

Quizplus · Accepted Answer

Corrections of errors are based on information available at the time of preparing the financial statements, rather than on new information that has become available or the use of hindsight. It is important to correct errors to ensure the accuracy and reliability of financial statements. Comparable industry practice may be considered for certain accounting policies, but not for correcting errors.

Correction of an Error Is Based on