28.8 Reissuance of financial statements - PwC I think you will find it helpful. When unaudited financial statements are presented in comparative form with audited financial statements in any other document, the financial statements that have not been audited should be clearly marked to indicate their status and either (a) the report on the prior period should be reissued (see section 530.06-.08) fn7 or (b) the report on . In October 2012, the Committee received a request for guidance on the accounting implications of applying IAS 10 when previously issued financial statements are reissued in connection with an offering document. . Welcome to Viewpoint, the new platform that replaces Inform. Accounting changes are those in the first three categories above. ASC 250 presumes that an entity will apply accounting principles consistently unless new ASUs are issued. Even if client management agrees to revise the financial statements, it may not properly inform financial statement users of the situation. Changes in the reporting entity mainly transpire from significant restructuring activities and transactions. For example, say your business paid $15,000 for a piece of equipment, but the transaction was mistakenly recorded as a $15,000 expense rather than the acquisition of a $15,000 capital asset. Putting the comment on each page is now in the category of best practice. Re: IAS 10: Reissuing previously issued financial statements We are enclosing our submission to the IFRS Interpretations Committee regarding the accounting implications of applying IAS 10 Events After the Reporting Period when previously issued financial statements are reissued in connection with an offering document or as comparative figures. Referred to as a "subsequent discovery of fact," new information that comes to light after the financial statements and related audit report are issued necessitates the auditor's consideration. If you choose to mention it, that is within your prerogative. PDF Guide Chapter SSARS 21 - AICPA Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director. Under this approach, the entity would correct the error in the current year comparative financial statements by adjusting the prior period information and adding disclosure of the error. Financial Statements 2018' ('Example Financial Statements'). If the audit opinion differs from the originally issued opinion, an emphasis-of-matter paragraph or other-matter paragraph should be added to the report. Its all one paragraph. Reissued compilation report example Date To the Board of Directors and Shareholders Company XYZ Address Scope Paragraph We have reviewed the accompanying balance sheet of Company XYZ as of December 31, 20X1, 20X2 and 20X0, and the related statements of operations, retained earnings, and cash flows for the years then .
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