IAS 8

This topic has 1 reply, 2 voices, and was last updated 9 years ago by P2-D2.

Viewing 2 posts - 1 through 2 (of 2 total)

Author

Posts
October 27, 2016 at 9:26 am #346252
nari
Member
- Topics: 259
- Replies: 175
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?
October 30, 2016 at 7:59 am #346616
P2-D2
Keymaster
- Topics: 4
- Replies: 7235
Hi,

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
Author

Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.