• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

IAS 8

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 8

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • December 22, 2021 at 7:35 pm #644697
    thanh123
    Member
    • Topics: 44
    • Replies: 30
    • ☆☆

    Hello tutor, I face some problems with IAS 8 in relation to errors.

    IAS 8 states based on BPP text book:
    Prior period errors: correct retrospectively. There is no longer any allowed alternative treatment.
    This involves:
    (a) Either restating the comparative amounts for the prior period(s) in which the error occurred, or
    (b) When the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and equity for that period, (IAS 8: para. 42)
    so that the financial statements are presented as if the error had never occurred.

    For (a), I understand its meaning, this meaning that, for example, 20X9: Identify errors in 20X5 -> 20X5 must be restated the comparative amounts.

    But, for (b), I don’t understand. Can you give me some example for (a) and (b). Thanks tutor a lot !

    December 23, 2021 at 12:58 pm #644733
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2843
    • ☆☆☆☆☆

    Normally we report the results for the current and previous year only.

    If we are preparing 2021 accounts and there was an error overstating profit in 2018, we would adjust profits brought forward in the SOCIE.

    Profits b/f as previously reported xxx
    Prior year adjustment (xxx)
    Profits b/f as restated xxx

    You saw examples in FR and, if in doubt, please revisit our FR lectures.

    🙂

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • John Moffat on FA Chapter 6 Questions Depreciation
  • John Moffat on PM Chapter 7 Questions Pricing
  • Amalsudheesh on FA Chapter 6 Questions Depreciation
  • roshpatel on PM Chapter 7 Questions Pricing
  • John Moffat on Inventory Control (part 2) Quantity Discounts – ACCA Management Accounting (MA)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy