If current financial statements restate comparative figures, do not automatically reuse the prior-year XBRL amounts unchanged. Reconcile the current authorised presentation and understand why it differs.
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The task is to report the relevant current financial statements accurately, while retaining a clear history of previous records.
Ask what changed and why
Obtain the accountant’s explanation of any correction, reclassification or accounting-policy effect. Identify the financial-statement pages and disclosures affected.
Do not describe every movement as an error. Equally, do not treat a genuine correction as a harmless format change without understanding it.
Example: a comparative balance moves classification
The current statements present a prior-year amount differently from the earlier filing. Link the current comparative field to the authorised statements and explanation, rather than forcing it to match an old export.
Build a comparative bridge
- Earlier reported figure and source.
- Current comparative figure and source.
- Adjustment or reclassification.
- Relevant explanatory disclosure.
- Effect on related totals and fields.
- Reviewer’s conclusion.
Use ACRA’s current XBRL resources for applicable field and disclosure requirements. Ask the reporting advisers about any uncertainty.
Review the full chain of affected data
An adjustment may affect more than one statement or note. Reconcile related balances and opening figures where relevant, rather than changing only the most visible total.
Keep the original prior-year file intact. A current comparative change does not mean staff should silently overwrite all historical accounting records.
Assess any separate earlier-filing action
Ask whether a previous submission requires its own correction process. That question should be considered separately from preparing the current year’s file.
Retain the final bridge, authorised statements, reviewed XBRL file and official outcome. This helps a later adviser distinguish a documented restatement from unexplained data drift.
Must current comparatives always equal last year’s submitted numbers?
Review the authorised current presentation and any restatement.
Does changing the current file correct a previous filing?
No. Assess any separate official correction required.
Related accounting and filing resources
Use our filing calendar reconciliation, filing evidence checklist and late financial statements guide.
Get help with financial reporting
For accounting, XBRL preparation and corporate filing support, email [email protected] or WhatsApp +65 8501 7133. Our accounting and tax advisers can assist with reporting questions. Legal advisers from associated law firms can assist where a filing issue involves legal concerns.