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“Retrospective application means adjusting the opening balance of each affected component of equity… and comparative amounts”
What is the definition of “Component of equity” ?
Is this one that included in SOCE or does it mean asset, liability, expense and income?
Thank you!
Any line in SOCE:
Share capital
Retained earnings
Other components of equityAnd that’s all!
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We do also change affected asset, liabilities etc isnt it? I am kinda confused because std. only refers to equity components.
Or is it that adjustment in asset etc is made in the ‘comparative amounts’?
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