Why this is mistaken
The entry fixes current ledger balances. Restatement revises issued statements under the supported reporting conclusion. They must reconcile, but either can be incomplete while the other balances. Name the ledger and statement work separately.
Where to watch
When this mistake may appear
- The current ledger needs an adjustment for an earlier error.
Check your work
Your work may contain this mistake if:
- Calls the entry a restatement without identifying issued statements, affected periods, or a supplied reporting conclusion.