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Sir, for Sep/ Dec 2017 Q5 PART (b)
(1)Depreciation charge :will it belong to the projected misstatement?as the error is extrapolated?
(2)Loan : is it a factual error or judgemental error?
Thank you.
(1) projected – anything which is extrapolated to a population from a sample is a projected misstatement
(2) factual – as a matter of fact all related parties (as defined in IAS 24) and RPTs must be disclosed – monetary materiality doesn’t come into it (the mere existence of relationships is material “by nature”). So it cannot be a matter of judgment whether a related party transaction should be disclosed.
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