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    fivepower's Avatar
    fivepower Posts: 1, Reputation: 1
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    Jun 11, 2012, 01:48 AM
    Can you amend a budget after the fiscal year ends
    Can you amend a budget after the fiscal year ends? Can a board pass a motion to amend a budget after the fiscal year ends? Is this proper GAAP?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jun 11, 2012, 05:26 AM
    Quote Originally Posted by fivepower View Post
    can you amend a budget after the fiscal year ends? can a board pass a motion to amend a budget after the fiscal year ends? is this proper GAAP?
    A budget refers to the current year there is a mechanism for amendment but after the year is ended what has transpired is history

    GAAP refers to external financial reporting it is rarely applied to internal reporting such as budget comparison but it is reasonable to expect such standards are upheld

    A Board can do whatever it is empowered to do, even correct errors, but it must not interfere with the veracity of financial reporting
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