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Discuss the reporting requirements

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Question - During the year ended 30 June 2021, the external auditors of Enroy Ltd discovered that the provision for long service account recorded in July 2019 was understated by $500,000. Further investigation revealed that James, the Chief Financial Officer has manipulated the figures in order to meet certain earnings targets. The amount is considered to be material.

Discuss the reporting requirements in accordance with AASB108 'Accounting Policies, Changes in Accounting Estimates and Errors'. If necessary, record the journal entry to rectify the error. [Narrations are not required].

Reference no: EM133128769

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