Sometimes it happens that after the approval of the annual financial statements, the accountant notices a mistake that has led to the formation of losses related to the previous year. They are recognized as expenses of previous years and are reflected in the accounting records depending on the period of their discovery.
Instructions
Step 1
Draw up an accounting statement in which you indicate the amount of expenses of the past periods and the reason for their formation. This certificate will become the primary document for making corrections or reflecting past losses in accounting.
Step 2
Do not make corrections to the approved financial statements of the previous period. This procedure is prohibited by the legislation of the Russian Federation on the basis of clause 11 of the Guidelines for accounting, established by Order No. 67n of the Ministry of Finance of the Russian Federation of July 22, 2003. Corrections can be made in the form of additional entries for December of the last year only if the annual financial statements were not approved at the meeting of participants or shareholders of the enterprise.
Step 3
Refer the expenses of the past periods recognized in the current reporting year in accounting to other expenses of the enterprise and reflect on account 91.2 "Other expenses" with correspondence to the appropriate account that determines the purpose of the payment made.
Step 4
Make corrections to tax accounting. In accordance with clause 1 of article 54 of the Tax Code of the Russian Federation, if mistakes made in the past reporting year and resulting in the formation of expenses of past years and incorrect determination of the tax base are identified in the current year, then they must be corrected for the period when they were done.
Step 5
Thus, recalculate the tax base taking into account the expenses of past periods, which are recognized as unrealized expenses of the enterprise, and submit an updated declaration for the past year. If it is impossible to identify the period of the error, then attribute the expenses of the past periods to the period when the error was determined. These expenses are reflected in the tax return in the corresponding line of the second section and participate in the calculation of the tax base of the current reporting year.
