should I re-issue F/S

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#1
Keyad22  
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I prepared financial statements with a cover letter "Accountant's Compilation Report" to seven companies every month. I am very confident with my work and pass the peer review every time. I need to do some extra work especially to reconcile the intercompany transactions.

However, one of my clients decided to re-category some expense, not huge amount but still change the balance sheet and Income statements. Sometimes my clients just want to change the name of expense, which does not effect F/S dollar amount. Should I recall the prior months financial statements and re-issue a new one? for every month in 2016?
 

#2
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If it is only a reclassification (i.e. doesn't materially change net income or the total assets/liabilities) then I wouldn't. If the statements are comparative you should make the same reclassification to any prior period amounts reported and If there are footnotes then you should add a footnote that states that certain prior year/period amounts have been reclassified to conform to the current year/period presentation.
 

#3
Keyad22  
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Thanks!
 


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