IAS 8 mentioned abt change in accounting policies applied retrospectively.
what is retrospectively mean? can give example?
It means that you have to go back and adjust the historic figures as though the new policy had been in operation since day 1
I think that should be understandable without any need for me to try to think of illustrative examples
do changes in accounting estimates have to be applied retrospectively or just changed in current period without changing previous year financial statement and the comparatives
A change in an accounting estimate is applied into the future and is not applied retrospectively
Are these really P2 questions?
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