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What is Prior Period Error?
Fixing a mistake from an earlier period that wasn't a mere estimate change.
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Simple Definition
A prior period error is an omission or misstatement in previously issued from failure to use reliable information that was available; corrected retrospectively under applicable standards.
Explanation level
Tap a persona to hear the same idea in a totally different voice.
Try “Like I'm 5™” for a picture-book version - not the grown-up wording above.
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