Prior period adjustments under government accounting standards require structured disclosure of errors, balance corrections, and capital expenditure impacts. Prior Period Adjustments under IGAS 4 govern the presentation and disclosure of prior period errors and adjustments arising from changes in Government decisions under the cash basis of accounting. The Standard applies to the Union Government, State Governments and Union territory Governments with Legislature, but excludes arrears of salary, pension and dearness allowance and loan or grant defaults dealt with under other IGAS standards. It prescribes annexure-based disclosure of the nature, amount and impact of each adjustment, including effects on loan heads and capital expenditure heads, and treats adjustments of rupees one thousand or more as material.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prior period adjustments under government accounting standards require structured disclosure of errors, balance corrections, and capital expenditure impacts.
Prior Period Adjustments under IGAS 4 govern the presentation and disclosure of prior period errors and adjustments arising from changes in Government decisions under the cash basis of accounting. The Standard applies to the Union Government, State Governments and Union territory Governments with Legislature, but excludes arrears of salary, pension and dearness allowance and loan or grant defaults dealt with under other IGAS standards. It prescribes annexure-based disclosure of the nature, amount and impact of each adjustment, including effects on loan heads and capital expenditure heads, and treats adjustments of rupees one thousand or more as material.
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