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Using what you know now in prior period updates - acceptable?

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John Reeves
User offline. Last seen 10 weeks 6 days ago. Offline
Joined: 10 May 2013
Posts: 343
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A procurement item is discovered to be taking 90 days longer than expected, you discovered this in March but you are updating February data.  You could and should revised that duration to add 90 cal. days, otherwise you are publishing knowingly wrong data.  Plus this did not happen in March - you don't when the equipment vendor started sand-bagging - probably from the start, so either way you should use the data you know now (not then) as correct for item?  correct? - it would be different if it were a work item that extended in March - and you found out in March.  Correct?

Replies

Rafael Davila
User offline. Last seen 1 day 19 hours ago. Offline
Joined: 1 Mar 2004
Posts: 5230

Using what you know now in prior period updates mean your updates are not contemporaneous updates. This might have some implications that can play against the party responsible for submitting the updates.