alleryStart learning →In the year it is found, the correction of a prior period error is:
Ashown as an exceptional item
Bshown as other operating income
Cexcluded from profit or loss
Dincluded in profit or loss
Answer & Solution
Correct answer: C. excluded from profit or loss
The correction is made through restated comparatives or opening balances, so it bypasses the current year profit or loss.
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