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IAS 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 8

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by P2-D2.
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  • October 27, 2016 at 9:26 am #346252
    nari
    Member
    • Topics: 261
    • Replies: 176
    • ☆☆☆

    Hello

    Regarding IAS 8 if a material error occurred last year, then the prior year’s closing balances would need to be restated.
    1. When do we restate the opening balances of the current period?
    2. Wouldn’t restating the opening balances of the current period be the same as restating the closing balances of the prior period?

    October 30, 2016 at 7:59 am #346616
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7142
    • ☆☆☆☆☆

    Hi,

    The opening balances of the current year will be the same as the closing balances from last year. So when we adjust last year’s balance this automatically adjusts this year’s opening balances.

    Thanks

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