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prospectively and retrospectively

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › prospectively and retrospectively

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Kim Smith.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • June 8, 2019 at 4:32 pm #519867
    jihun lee
    Member
    • Topics: 117
    • Replies: 51
    • ☆☆

    Hi Kim,

    For accounting policy, i know that it will be adjusted retrospectively. That means from opening balance which is from last year ?

    Further for accounting estimate, i know that it will be adjusted prospectively. That means not like accounting policy like above, it will only be adjusted from this year onwards

    am i on the right track ?

    June 9, 2019 at 10:11 am #519954
    Kim Smith
    Keymaster
    • Topics: 133
    • Replies: 8294
    • ☆☆☆☆☆

    Yes – “retro” is backward looking – “prospect” is forward looking.

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