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O3(b) Rose & Co
Quoted answer:
“The amount is still recognised at this year end. According to IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors, due to its materiality, the error must be adjusted for retrospectively by amending comparatives and restating retained earnings at the beginning of the earliest period presented.”Does it mean that if the error is not material ,then no need to adjust restropectively?
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