In the period before the error. To ignore the error and display the items in the financial statements of the business in the previous period resulting from the use of wrongly or not using reliable information.
Errors in prior periods represents the omissions and errors in the presentation of the financial statements of the Company in prior years. Arising from the use of faulty or non-use of reliable data.
An error in the prior period, means ignoring and display list of mistake in financial statements of business in the prior period. Due to use wrongly or no convincing data.