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Selecting Compare will display the CAS 360 comparison report.Prior Period Errors are omissions from, and misstatements in, prior period financial statements resulting from the failure to use, or the misuse of, reliable information that was available, or could be reasonably expected to have been obtained, at the time of preparation of those financial statements.Selecting import will overwrite the existing data for the selected company and replace the information with the data from the ASIC Electronic Data.Users will have the ability to select the ASIC data to be imported.
Some provisions of the law referred to have exceptions or important qualifications.
Retrospective application means that the correction affects only prior period comparative figures. Therefore, comparative amounts of each prior period presented which contain errors are restated.
If however, an error relates to a reporting period that is before the earliest prior period presented, then the opening balances of assets, liabilities and equity of the earliest prior period presented must be restated.
All other companies must lodge their financial reports within four months after the end of the financial year.
If the company has not made a profit or traded during the financial year, financial reports are still required – even if it is necessary to show figures as ‘zero’ (e.g. You can lodge your company's financial reports online using Form 388 .