Hello
Regarding IAS 8 if a material error occurred last year, then the prior year's closing balances would need to be restated.
1. When do we restate the opening balances of the current period?
2. Wouldn't restating the opening balances of the current period be the same as restating the closing balances of the prior period?
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IAS 8
9y ago#1Hi,
The opening balances of the current year will be the same as the closing balances from last year. So when we adjust last year's balance this automatically adjusts this year's opening balances.
Thanks
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