Data Dictionary
Item Number 4412
CORRECTIONS OF MATERIAL ACCOUNTING ERRORS FROM PRIOR YEARSCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| BHCK4412 | 1986-06-30 | 2000-12-31 | No | FR Y-9C |
| RIAD4412 | 1984-03-31 | 2000-12-31 | No | Multiple Forms |
Data Description:
Includes the sum of all corrections, net of applicable income taxes, resulting from material accounting errors which were made in prior years' reports of condition and income and not corrected by the filing of an amended report for the period in which the error was made. Includes only those corrections which result from: (1) mathematical mistakes; (2) mistakes in applying accounting principles; (3) improper use of information which existed when the prior reports of condition and income were prepared; and (4) a change from an accounting principle that is neither accepted nor sanctioned by bank supervisors to one that is acceptable to supervisors. State the dollar amount of and describe each correction included in this item in "Explanations."
The effect of accounting errors differs from the effect of changes in accounting estimates. Changes in accounting estimates are an inherent part of the accrual accounting process. Reported is the effect of any changes in accounting estimates in the appropriate line items of the income statement.