prior year adjustments

prior year adjustments

adjustments applicable to prior years arising from changes in ACCOUNTING PRINCIPLES, for example the use of a different DEPRECIATION rule for fixed assets. Prior year adjustments are made to ensure that previous years' accounting results (recalculated on the basis of the new accounting policy) are consistent with those of the current year (measured on the same new basis).
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The board's decision to remove Mr Taylor followed their conclusion that certain of the prior year adjustments made in the 2005 accounts should have been presented as a correction of fundamental errors and not as changes in accounting policy," the group said.
Presumably, all or a substantial portion of the interest expense arose from prior year adjustments to their Schedule F.
16 per share, related to the following favorable prior year adjustments, after-tax:
Excluding these favorable prior year adjustments, net income for 2009 was $154.
For the full year 2009, operating income included net positive prior year adjustments of $21.
However, due to prior year adjustments and a receivable deemed unrecognizable as revenue for fiscal 2003, the expenditure cuts were not sufficient to bring the district in line with previous projections.
The prior year adjustments have been explained in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on October 15, 2003.
The effective tax rate on ordinary activities excluding joint venture losses is 30% before taking into account ACT and prior year adjustments.
Excluding the prior year adjustments, and a $850,000 income tax benefit recorded in the third quarter of fiscal 1997, net income for the current year would have been $2,118,000, $0.