ias 8

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June 7, 2017 at 10:58 am #391269
adarsh1997
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For a change in the accounting policy, the change should applied retrospectively, with an adjustment made to the opening balance of RE.

-I am bit confused here. When it says “opening balance of RE”, does this mean the RE balance of current year or previous years?

Thanks.
June 7, 2017 at 11:18 am #391275
MikeLittle
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It means the retained earnings figure as reported on last year’s statement of financial position
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