This was a little difficult to begin with, my company had some overpaid tax that they had waited years to claim back, so I needed to add a prior year adjustment to show this in the correct year, 2015. Actually this wasn’t the only adjustment in one year as this one minor adjustment (tax) affected several things however as they were all operating I left it as a one liner ‘prior year adjustment’, all listed in the foot notes. At first though I felt really stressed but eventually I took a calm approach and made a confident decision, hopefully the right one.
Restating the Income Statement was the hardest and I first added in a total I shouldn’t have included. I had a great helper though, thanks Helen Sternick and now they balance.
I’d love some feedback and will be willing to do the same for you.
The feedback I have provided is below