So here's a practical scenario that got so many pro's thinking...what's your take?:
What do you do when in a particular period of your Accounts, there was no sales made. But a customer whom you sold to in the previous period returns the goods in the current period.

An organisation made no sales ($0) in the period of Accounts 2012. But however, A customer to whom goods worth $300 was sold to in the previous period of Accounts 2011 returned the goods in 2012.
1, how would such a transaction appear on the face of the Income statement.
2. would it be advisable to go back to the period 2011 and restate your revenue or you would maintain the net sales figure on the face of your accounts as a negative $300.

I wuld go wit option 2. Cos if u dare go wit option 1, u wuld b going against cut-off proceedures.