CERTYNEX IFRS ACADEMY

In October 2025, Quivane finds that a May 2025 invoice was recorded twice. The 2025 accounts have not yet been finalised. The controller wants to treat the difference as a prior period error in the 2026 accounts. What should be done?

There is nothing to correct, since the difference reverses next year.

It is a current period error, corrected in the 2025 financial statements before they are issued.

It is a change in estimate to be dealt with prospectively.

It is a prior period error, to be corrected in the 2026 comparatives.