https://www.taxtmi.com/article/detailed?id=8783 Prior period items (IPP) are incomes or expenses attributable to periods before the accounting period under audit, arising from late bills, disputes, conservative estimates, or unascertained accruals; they should be disclosed as Prior Period Expenses or Prior Period Income with notes that they accrued or were settled in the current year. Tax treatment depends on whether the item was genuinely unclaimed earlier and whether amounts are material; immaterial IPP generally neutralize over time, and revenue should avoid litigating insignificant adjustments when there is no double claim. en-us Fri, 18 Oct 2019 08:18:47 +0530 Fri, 18 Oct 2019 08:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8783 Prior period items (IPP) are incomes or expenses attributable to periods before the accounting period under audit, arising from late bills, disputes, conservative estimates, or unascertained accruals; they should be disclosed as Prior Period Expenses or Prior Period Income with notes that they accrued or were settled in the current year. Tax treatment depends on whether the item was genuinely unclaimed earlier and whether amounts are material; immaterial IPP generally neutralize over time, and revenue should avoid litigating insignificant adjustments when there is no double claim. Articles Other Topics Fri, 18 Oct 2019 08:18:47 +0530 https://www.taxtmi.com/article/detailed?id=8783