Good day
Quick question concerning "Accounting policies, changes in accounting estimate and errors (IAS 8)"
Change in accounting policy results in restatement of comparative figures. Balance sheet figures are restated, opening balance of Retained Earning is restated. Do we also restate Profit and Loss comparatives?
Thank you
Ask the Tutor ACCA SBR
IAS 8
7y ago#1Hi,
Yes, the profit or loss figures would be adjusted too. You are unlikely to have to do any computations of such in a SBR exam however.
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