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

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?

R
Rafael Davila 👤 Member for 22 years 3 months

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.

Forum Sponsor

Top Posters

Julian Pegg
1 posts
Peter Nagy
2 posts
Raymund de Laza
17 posts
Syed_Asad
0 posts
Tony Greyvenstein
0 posts
Ahmed Al-Jubouri
13 posts
Umar Alvi
3 posts
Sibusiso Mahlalela
0 posts
Michael Samanyayi
3 posts
Simon Gumede
0 posts