INTERNATIONAL TAX PLAZA - Prior period error or change in accounting principles

Details: Published: 02 February 2022

‘Prior period error or change in accounting principles’ means a change in the opening equity of a constituent entity at the beginning of a fiscal year that is attributable to:

(i) a correction of an error in the determination of the financial accounting net income or loss in a previous fiscal year that affected the income or expenses included in the computation of the qualifying income or loss in that previous fiscal year,except if such correction resulted in a material decrease to a liability for covered taxes subject to Article 24; and

(ii) a change in accounting principles or policy that affected the income or expenses included in the computation of the qualifying income or loss.

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