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Changes in:
+Accounting POLICY @ Comparatives are CHANGED
+Accounting ESTIMATES @ NO effects on the ComparativesChanges to Accounting Policy
These are only made if:
01. It is required by a standard or interpretation, or
02. It would give more relevant and reliable information
Accounting treatment for changes to Accounting Policy:
01. Adjust the comparative amounts for the affected item
02. Adjust Opening retained earnings (Show in Statement Changes in Equity)
Changes in Accounting Estimates
01. Simply change in CURRENT year
02. NO Change to comparatives
Prior period Errors
These are accounted for in the SAME way as changes in Accounting policy
Accounting treatment for prior year Errors:
01. Adjust the comparative amounts for the affected item
02. Adjust Opening retained earnings (Show in Statement Changes in Equity)
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