SA 510 Standard Auditing

SA 510:- Initial Audit Engagements—Opening Balances (Effective 01/04/2010)

Those account balances that exist at the beginning of the period. Opening balances are based upon the closing balances of the prior period and reflect the effects of transactions and events of prior periods and accounting policies applied in the prior period. Opening balances also include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.