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- This topic has 3 replies, 4 voices, and was last updated 13 years ago by ajike.
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- December 6, 2010 at 6:41 am #46667
hi!
I always get confused between comparative and corresponding figures..
Can someone please help?
ThnxMay 12, 2011 at 5:11 pm #72686bump! .. me too I don’t try grasp this. Can anyone please help?
thanksMay 13, 2011 at 9:14 am #72687Well,ISa 710 Comparative focuses on both these concepts and requires that comparative FIGURES comply in all material respect with identified financial reporting framework.
Caparative figures are categorised into two:
1. the corresponding FIGURES
2. the comparative FINANCIAL STATEMENTSnow the comparative financial statement is simple. If you had the opportunity to look at an original financial statements followings IFRS/IASs you will see that they show two set of data/figures. one relating to the current year and the other relating to prior year. Its the stantdard IAS 1 that requires previous year similar item amounts be shown in the current FS. On the other hand ISA 710 focus what auditor needs to check relating to current year figures compared to previous. They last year figures in the current year Financials are comparatives.And are only for comparison purpose only.
Corresponding figures
prior period information where amounts and other disclosures for the prior period are included as an integral part of the current period financial statements, and are intended to be read only in relation to the amounts and other disclosures relating to the current period. These are basically the info about last year in the DISCLOSURE AREA.hope this helps
May 15, 2011 at 12:28 pm #72688thanks ash123. very helpful
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