Sometimes restating the prior year's figures in a set of accounts is required. We have made this really simple to achieve in Silverfin. The critical input is stating which of the primary statements has been restated.
Where do you fill this in?
Naturally, you've started completing the financials by doing the General Settings template (if not control/command + J your way straight there).
Near the top of the template, you'll see a field asking if the prior year accounts are restated. Here you can select which of the statements have been restated.
The options are:
- Profit and loss
- Balance sheet
- Both Profit and loss and Balance sheet
How do I know if it has worked?
The options then have disclosure impacts on the financial statements so you will be able to see the following changes in the financial statements.
All options activate an additional note called prior period adjustment where the reasons for the restatment and details of what has been restated can be added:
For the selected primary statements the prior year information will have a header of restated and a link to the note.
If the balance sheet is selected as restated the statement of changes in equity will also have a line showing the restatement