N.Y. Comp. Codes R. & Regs. Tit. 10 § 441.267 - Prior-period adjustment
A correction of an error in earlier financial statements or an adjustment that results from realization of income tax benefits of pre-acquisition loss carry-forwards of purchased subsidiaries; all other items of profit or loss recognized in a fiscal year are required to be included in the determination of net income in the year recognized (see FASB Statement No. 16).
Notes
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