Adjusting Opening Balances for past Accounting Statements

[NKUBANA JEAN DE DIEU]

Dear accountants,
I work for one public institution. I want to adjust the opening balances for the year 2014-2015. Recently I realised that the financial statement for the year 2013-2014 was released with errors. This financial statement 2013-2014 was audited, then consolidated at national level.
What are the IAS provisions on the issue like this? Is it still possible to adjust the audited, consolidated financial statements for 3,4... Years ego?

 

[Steve-LevelUp]

In general, no. Once Audited, the books should not be changed. If this impact is material is nature, then you can book an adjustment, but a clear disclosure needs to be done. In my experience, I just book the corrections in the current year so that current books are correct. If your current books are correct, and you have a material error that the Auditors did not catch, then best to discuss it with them. Working with your auditors on disclosures make the process much simpler.