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Home » Blog » Treatment of Reclassification Error of Liabilities in the Current Year’s Financial Statements Under AS

Treatment of Reclassification Error of Liabilities in the Current Year’s Financial Statements Under AS

  • News|Blog|Account & Audit|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 16 March, 2024

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Financial Statements Under AS

A company has classified some of its material liability as “Current liability” up to last year, however, while preparing the annual accounts for the current year it was found that those liabilities should have been classified as “Non-current liabilities”. The management of the company has changed the classification of liabilities in the comparative amounts of the financial statements for the current year. This story discusses whether this reclassification of liability from current to non-current in the comparative financials needs any disclosure as per accounting standards (AS)

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on March 16, 2024Categories News, Blog, Account & Audit

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Previous Previous post: Amount Deposited Under Erroneous Return Filed Under Cancelled Registration Number to be Refunded to Assessee | HC
Next Next post: Input Tax Credit of Differential IGST Paid Post On-site Audit by Customs Authorities is Not Allowed | AAR

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