Quote:
Originally Posted by lancsdave
So as I understand it, if you bought something that was worth for example -£2 value in 2008 then later found it's real value at the time was -£4 then you basically paid twice it's real value ?  |
Cannot understand what you are saying lancsdave but I will try to explain again how I see it.
Accounts have to be restated when there has been a "material error" in the published figures. For example if something has been included in the 2008 accounts which should not have been, or something has been omitted from the 2008 accounts. Maybe invoices have been issued in May 2008 which should have been issued in June 2008 and therefore have been included in the wrong year's accounts. Maybe amounts owing in May 2008 have not been registered until June 2008 and therefore have been included in the wrong year's accounts.