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Abstract
Error Correction in Accounting to Reflect the True State of Business
This article aims to explain error correction in accounting according to TAS 8 (revised 2558) accounting policies, changes in accounting estimates and errors in order to make financial statements reflect the true state of business. The cause of the errors may result from a business that is too complex, accounting standards that change frequently, or the preparation of financial statements that has a variety of purposes. These errors can occur on all accounts covering assets, liability, equity, revenue, and expenses. This article discusses only the errors of the assets. It shows an example of actual transactions relating to the assets that are likely to be wrong as often consisting of cash, accounts receivable, current loans to shareholders, inventory and non-current asset. Other accounting categories will be discussed further in the next article. By 2016, businesses have more interest in accounting’s error correction since a “Single Account Policy” of the Revenue Department provides tax incentives to the businesses participated in this program; however, these businesses have to be qualified in the Revenue Department’s requirements.
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