IAS 8

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    kylie
    Member
    • Topics: 3
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    IAS 8 mentioned abt change in accounting policies applied retrospectively.
    what is retrospectively mean? can give example?


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    MikeLittle
    Keymaster
    • Topics: 1
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    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


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    mohamedamir
    Participant
    • Topics: 4
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    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


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    MikeLittle
    Keymaster
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    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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