Correcting errors in annual accounts (RJ 150): fixing an error from last year
An adopted set of annual accounts turns out to contain an error. You do not fix it by replacing the old accounts, but in the next annual accounts. Here is how that works, with a worked example.
The short answer
If, after adoption, you discover a material error in earlier annual accounts, you correct it in the next annual accounts that have not yet been adopted. You recalculate opening equity, book the cumulative effect directly in equity and restate the comparative figures. A non-material error you simply book in the current year.
Updated 30 October 2026
Key facts
| Legal basis | art. 2:362(6) DCC (serious shortcoming after adoption) and art. 2:363(5) DCC (comparative figures) |
| Version | RJ 150 (version 2021) applies from financial year 2022, unchanged in the 2025 to 2027 editions |
| Micro and small | RJk A3.3; since the 2026 edition with an example for a voluntary statement of movements |
| Material error | Correction via equity and the comparative figures |
| Non-material error | Correction in the result of the first annual accounts still to be prepared |
When is it an error, and when is it material?
An error is an inaccuracy in annual accounts that comes to light only after adoption: something processed or valued wrongly, wrongly classified or incompletely explained (RJ 150.103; RJk A3.303). The error is material if, alone or together with other errors, it could influence decisions of users of the annual accounts. You assess that on size and nature. A new estimate is not an error; it follows RJ 145.
If you discover the error before adoption, it is not a correction of an error but an event after the balance sheet date that clarifies the situation at the balance sheet date: you adjust the annual accounts that have not yet been adopted (RJ 160.204; RJk A4.104). See RJ 160.
What the law says
The annual accounts are adopted taking into account what has become apparent about the financial position at the balance sheet date between the preparation of the annual accounts and the general meeting at which they are discussed, insofar as that is indispensable for the insight referred to in paragraph 1. If it subsequently appears that the annual accounts fall seriously short in providing this insight, the board reports this without delay to the members or shareholders and files a notice thereof with the Business Register; an auditor's report is attached to the notice if the annual accounts were examined in accordance with article 393.
The bar of "falls seriously short" is higher than "material". Every material error is corrected in the next annual accounts. Only if the old annual accounts fell seriously short is there in addition a notice without delay to shareholders and a filing with the Business Register, with an auditor's report if the accounts had been audited. On that notice: Can I correct annual accounts that have been filed?
As far as possible, the amount for the preceding financial year is stated for each item of the annual accounts; where necessary, this amount is revised for the sake of comparability and the deviation resulting from the revision is explained.
How to correct a material error
- Correct in the first annual accounts that have not yet been adopted after you discovered the error (RJ 150.201; RJk A3.304).
- Recalculate equity at the end of the previous financial year as if the error had never been made, including the tax effect.
- Book the difference, the cumulative effect, directly in equity at the start of the current financial year, not in the result (RJ 150.202; RJk A3.305).
- Also revise the comparative figures. The part that relates to years before the previous financial year you show as a movement in the opening equity of that previous year (RJ 150.205; RJk A3.308).
- State in the notes that this is the correction of a material error, what the error was, how large it was and what the correction does (RJ 150.204; RJk A3.307).
Last year's adopted annual accounts remain what they are. The restated comparative figures serve comparability only. If they cannot practicably be restated, you state why and what the adjustment would have been.
Case: forgotten holiday allowance at Installatiebedrijf Kroon BV
Installatiebedrijf Kroon BV (fictitious, small) adopted its 2025 annual accounts on 12 June 2026. When preparing the 2026 annual accounts, in March 2027, it turns out that Kroon never booked an accrual for accrued, not yet paid holiday allowance. On 31 December 2024 that was € 18.000, on 31 December 2025 € 21.000. The corporate income tax rate is 19%. The board considers the error material: liabilities were too low and solvency looked too favourable. It does not fall seriously short, so a notice under art. 2:362(6) DCC is not needed.
| Reported | Correction before tax | Tax effect 19% | Recalculated | |
|---|---|---|---|---|
| Equity 31-12-2024 | € 310.000 | − € 18.000 | + € 3.420 | € 295.420 |
| Result 2025 | € 64.000 | − € 3.000 | + € 570 | € 61.570 |
| Equity 31-12-2025 | € 374.000 | − € 21.000 | + € 3.990 | € 356.990 |
- In the 2026 annual accounts, opening equity at 1 January 2026 becomes € 356.990: a direct movement of − € 17.010 compared with the reported € 374.000. The 2026 result stays outside this.
- The 2025 comparative figures show a result of € 61.570 and, on the balance sheet at 31 December 2025, € 21.000 more accruals and € 3.990 less corporate income tax payable.
- The part that lies before 2025, € 14.580, appears in the comparative statement of movements as a movement at 1 January 2025. Check: € 14.580 + € 2.430 = € 17.010.
- The journal entry in 2026: other reserves € 17.010 and corporate income tax payable € 3.990 to holiday allowance accrual € 21.000.
Kroon settles the corporate income tax for 2024 and 2025 separately with the Dutch Tax Administration (Belastingdienst); the correction in the annual accounts does not change an assessment by itself.
An error that is not material
You correct a non-material error in the first annual accounts that are still to be prepared at the time of discovery, through the profit and loss account and in the line item where the amount belongs (RJ 150.203; RJk A3.306). A forgotten maintenance invoice of € 1.800 from 2025 is therefore booked by Kroon in 2026 under maintenance costs, without adjusting opening equity or comparative figures.
What each class does
| Class | Correction | Notes |
|---|---|---|
| Micro | As above: opening equity and comparative figures (RJk M1.301) | No notes under Sections 5 and 6; the micro entity briefly states the revision of the comparative figures below the balance sheet (art. 2:363(5) DCC, Section 2) |
| Small | RJk A3.304 to A3.308 | Mandatory: that it concerns a correction of an error, nature and size of the error, the effect and the differences from the original comparative figures (A3.307 and A3.308). A statement of movements in equity is voluntary |
| Medium-sized and large | RJ 150.201 to 150.206 | As small, plus the correction in the mandatory statement of movements (art. 2:378 DCC) and in multi-year overviews where practicable (RJ 150.206). The accountant assesses the correction during the audit |
Common mistakes
- Booking a material error as "income and expenses of previous years" in this year's result.
- Having last year's filed annual accounts replaced instead of correcting in the next ones.
- Forgetting the tax effect, so that equity falls too far.
- Recalculating only the balance sheet and leaving the comparative profit and loss account.
- Correcting an error that was already known before adoption only in the following year.
How it works in Jaarrekening.io
Jaarrekening.io asks whether a material error from an earlier set of annual accounts was corrected in the annual accounts, and if so what the error was, the effect on equity and on the previous result, and whether the comparative figures were restated. These details go into the notes, also for a small entity. For a micro entity the questionnaire points out that a revision of the comparative figures must be stated. You book the recalculation itself in the figures.
Sources
- Art. 2:362 DCC: adoption and notice in case of serious shortcoming (para. 6) (wetten.overheid.nl, in Dutch)
- Art. 2:363 DCC: revision of comparative figures (para. 5) (wetten.overheid.nl, in Dutch)
- RJ Publication 2025-10: clarifications to RJk A3, with an example of correction of errors (rjnet.nl, in Dutch)
- Financial Reporting Council (Raad voor de Jaarverslaggeving): Guidelines (rjnet.nl)
Frequently asked questions
What is the difference between correcting an error and an event after the balance sheet date?
The moment of discovery. If the error comes to light before the annual accounts are adopted, you still adjust those accounts; that is an event after the balance sheet date that clarifies the situation at the balance sheet date (RJ 160.204). If the error comes to light only after adoption, you correct it in the next annual accounts under RJ 150 or RJk A3.3.
Do I have to refile annual accounts that contain an error?
Usually not. You correct a material error in the next annual accounts that have not yet been adopted. If the old annual accounts fall seriously short in giving the required insight, the board must report that immediately to the shareholders and file a notice with the Business Register, with an auditor's report if the accounts had been audited (art. 2:362(6) DCC).
May I correct an error from last year through the profit and loss account?
Only if the error is not material. You book a non-material error in the result of the current year, in the line item where it belongs. A material error goes through opening equity and the restated comparative figures, not through the result (RJ 150.202 and 150.203, RJk A3.305 and A3.306).
Does a small BV have to explain a correction of errors?
Yes. A small entity also states that a material error has been corrected, its nature and size, the effect of the correction and the differences from the original comparative figures (RJk A3.307 and A3.308, with art. 2:363(5) DCC). These notes are filed with the balance sheet.
What if I cannot restate the comparative figures?
Then you state in the notes why restating is not practicable and what the nature of the adjustment would have been (RJ 150.205, RJk A3.308). You still process the cumulative effect in the opening equity of the current year.
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