Pre-Accounting Year Adjustment

Tax Glossary Definition

Pre-Accounting Year Adjustment

A pre-accounting year adjustment refers to the correction or rectification of errors or omissions relating to a previous financial year. Such adjustments may impact the profit or loss of the current year and could also have implications for tax computation, depending on the nature and timing of the correction. Example: An expense incorrectly booked in the previous year is adjusted in the current financial year, affecting current-year taxable income

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