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Use this type when a prior snapshot contains an input error, such as a payment, date, discount rate, or classification that was wrong when it was entered. Under ASC 250-10, this is a correction of an error, not a change in estimate, so the remeasurement uses the original discount rate and effective date unless those were themselves the error. Select the snapshot that contains the error and enter the Error correction date. Spacebase creates a corrected version of that snapshot and of every later snapshot, so the correction flows through the full timeline. Complete the wizard for each corrected snapshot in sequence. The general ledger start date is hidden for corrected snapshots because the error correction date takes its place. How Spacebase books the correction. On the error correction date Spacebase:
  1. Reverses every entry from the original snapshot dated on or before the error correction date.
  2. Reverses or restores the previous snapshot’s entries if the effective date moved.
  3. Books the corrected snapshot’s initial, monthly, and expiration entries that fall on or before the error correction date.
All of these entries post on the error correction date as a single cumulative catch-up. Spacebase does not restate prior periods. If you conclude the error is material and requires a prior-period restatement under ASC 250-10-45-23, use the corrected amortization schedule to prepare the restated balances outside Spacebase and set the error correction date to the first day of the earliest period you are restating. Date rules:
  • The error correction date must be on or after the start date of the snapshot being corrected, and after the accounting lock date.
  • For a lease with a short-term election, only the most recent snapshot can be corrected.
A revised discount rate is an error only if the rate was wrong when the snapshot was created. A newer treasury curve, or a change in your incremental borrowing rate since the effective date, is not an error. If a new modification or reassessment event requires a remeasurement at a new rate, use Update existing accounting lease with the new effective date instead.