Amended Financial Statements

Correction of Errors

MS: Penyata Kewangan Terpinda · EN: Amended Financial Statements · ZH: 更正后的财务报表

Meaning

Amended financial statements are the income statement and statement of financial position revised after errors have been found and corrected. The effect of each correction on net profit, assets, liabilities or owner's equity is adjusted so the statements show a true and fair result. They are usually prepared using a statement of adjusted net profit.

Example

For example, Harmoni Enterprise's original net profit was RM10,000. After an omitted expense of RM500 is recorded, the amended net profit becomes RM9,500 in the revised income statement.

Source: DSKP KSSM Prinsip Perakaunan Tingkatan 4

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