Australian Water Information Dictionary
prior period errors
Omissions from, or misstatements in, the water report entity’s general purpose water accounting report for one or more prior reporting periods arising from a failure to use, or misuse of, reliable information that:
(a) was available when general purpose water accounting reports for those reporting periods were issued and
(b) could reasonably be expected to have been obtained and taken into account in the preparation and presentation of those general purpose water accounting reports.
This definition applies to: