Final answer:
If an error from a non-presented prior period is found in the current period with comparative FS presented, it should be treated as a prior period adjustment, retrospectively adjusting opening balances and restating comparative amounts for the presented periods.
Step-by-step explanation:
When addressing an error from a prior period that is not presented but discovered in the current period while comparative financial statements (FS) are presented, you must treat the error as a prior period adjustment. This involves retrospectively adjusting the opening balances of assets, liabilities, and equity for the earliest period presented. The error correction should be made by restating the comparative amounts for the prior period that is presented in the financial statements. If comparative financial statements are not presented, the error correction should still be made in the current period by adjusting the opening balances of assets, liabilities, and equity for the current period.
The error correction in financial statements is required under accounting principles to ensure reliability and consistency of financial information over time. This provides users of financial statements with the most accurate and updated view of the company's financial position and performance.