When preparing financial statements for the current period, Woden plc found that it had under-stated its revenue

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When preparing financial statements for the current period, Woden plc found that it had under-stated its revenue in error by £2 million in the previous period. How should the business report this error?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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