Ministry of Justice
On July 30, 2010 No. 18008
of June 28, 2010 No. 63n
About approval of the Accounting regulation "Error Correction in Financial Accounting and the Reporting" (PBU 22/2010)
For the purpose of enhancement of normative legal regulation in the sphere of financial accounting and accounting records and according to the Regulations on the Ministry of Finance of the Russian Federation approved by the order of the Government of the Russian Federation of June 30, 2004 N 329 (The Russian Federation Code, 2004, N 31, Art. 3258; N 49, of Art. 4908; 2005, N 23, Art. 2270; N 52, of Art. 5755; 2006, N 32, Art. 3569; N 47, of Art. 4900; 2007, N 23, Art. 2801; N 45, of Art. 5491; 2008, N 5, Art. 411; N 46, of Art. 5337; 2009, N 3, Art. 378; N 6, of Art. 738; N 8, of Art. 973; N 11, of Art. 1312; N 26, of Art. 3212; N 31, of Art. 3954; 2010, N 5, Art. 531; N 9, of Art. 967; To N 11, of the Art. 1224), I order:
1. Approve the enclosed Accounting regulation "Error Correction in Financial Accounting and the Reporting" (PBU 22/2010).
Deputy Prime Minister of Russia Minister of Finance of the Russian Federation
A. L. Kudrin
Approved by the Order of the Ministry of Finance of the Russian Federation of June 28, 2010 No. 63n
1. This Provision establishes rules of error correction and procedure for disclosure of information on mistakes in financial accounting and the reporting of the organizations, being legal entities by the legislation of the Russian Federation (except for credit institutions and the public (municipal) institutions) (further - the organizations).
2. The wrong reflection (not reflection) of the facts of economic activity in financial accounting and (or) accounting records of the organization (further - mistake) can be caused, in particular:
the wrong application of the legislation of the Russian Federation on financial accounting and (or) regulatory legal acts on financial accounting;
wrong application of accounting policy of the organization;
inaccuracies in calculations;
wrong classification or assessment of the facts of economic activity;
misuse of information which is available for signature date of accounting records;
unfair actions of officials of the organization.
Are not errors of inaccuracy or the omissions in reflection of the facts of economic activity in financial accounting and (or) accounting records of the organization revealed as a result of receipt of new information which was not available to the organization at the time of reflection (not reflection) of such facts of economic activity.
3. The mistake is recognized essential if it separately or in total with other mistakes for the same accounting period can influence the economic decisions of users made by them on the basis of the accounting records constituted for this accounting period. The organization determines materiality of mistake independently, proceeding as from size, and nature of the relevant article (Articles) of accounting records.
4. The revealed mistakes and their consequences are subject to obligatory correction.
5. The error of accounting year revealed before the termination of this year improves records on the corresponding accounts of financial accounting that month of accounting year in which the mistake is revealed.
6. The error of accounting year revealed after the termination of this year, but before signature date of accounting records for this year, improves records on the corresponding accounts of financial accounting for December of accounting year (year for which annual accounting records are constituted).
7. The material mistake of prior accounting year revealed after signature date of accounting records for this year, but before date of submission of such reporting to shareholders of joint-stock company, members of limited liability company, public authority, local government body or other body, authorized to perform the rights of the owner, etc., improves according to the procedure, stipulated in Item the 6th this provision. If the specified accounting records were provided to any other users, then it is subject to replacement by the reporting in which the revealed material mistake is corrected (the reviewed accounting records).
8. The material mistake of prior accounting year revealed after submission of accounting records for this year to shareholders of joint-stock company, members of limited liability company, public authority, local government body or other body authorized to perform the rights of the owner, etc., but before approval date of such reporting in the procedure established by the legislation of the Russian Federation, improves according to the procedure, stipulated in Item the 6th this provision. At the same time in the reviewed accounting records information that these accounting records replace originally provided accounting records, and also about the bases of creation of the reviewed accounting records reveals.
9. The material mistake of prior accounting year revealed after approval of accounting records for this year improves:
1) records on the corresponding accounts of financial accounting in the current accounting period. At the same time the corresponding account in records is the account of retained earnings (uncovered loss);
2) by recalculation of comparative figures of accounting records for the accounting periods reflected in accounting records of the organization for the current accounting year, except as specified, when it is impossible to establish connection of this mistake with the specific period or it is impossible to determine influence of this mistake accumulative result concerning all preceding accounting periods.
Recalculation of comparative figures of accounting records is performed by correction of indicators of accounting records as though the mistake of the preceding accounting period was never made (retrospective restatement).
The retrospective restatement is made concerning comparative figures since that preceding accounting period provided in accounting records for the current accounting year in which the corresponding mistake was made.
the organizations which have the right to apply the simplified methods of financial accounting including the simplified accounting (financial) records, can correct the material mistake of prior accounting year revealed after approval of accounting records for this year, according to the procedure, stipulated in Item the 14th this provision without retrospective restatement.
10. In case of correction of the material mistake of prior accounting year revealed after approval of accounting records, the approved accounting records for the preceding accounting periods are not subject to revision, replacement and repeated representation of accounting records to users.
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