IAS 8

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July 2, 2019 at 5:25 pm #521669
gmpo12
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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
July 5, 2019 at 10:25 pm #522006
P2-D2
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Hi,

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.

Thanks
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