You Found an Error in Last Year’s Books. Now What?

A prior period adjustment corrects an error in financial statements already issued for a closed period, and ASC 250 calls it a correction of an error. Materiality to the prior period and to the current one decides between an out of period adjustment, a little r revision, and a Big R restatement. Indinero’s CPAs size the error before anyone books it, and pricing starts at $750/mo.