Restatement note disclosurePrior Period Accounting Errors 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. The restated financial statements must then be audited and filed with the Department of Business Development, Ministry of Commerce. An explanation for the restatement is disclosed in the notes to the financial statements. Impact and risks. The restatement of prior year(s) may result in a need to file a revised corporate income tax return.
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