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Dear Sir,
what the difference between retrospective application and retrospective restatement?
an example can understand me better.Not a lot of difference so far as you are concerned
The word ‘retrospective’ literally means ‘looking backwards’ so an IFRS or IAS that tells us that we should apply its principles retrospectively means that we will go back into previous years and amend the financial statements from the past to take account of the new thinking as outlined by the current/ revised standard
If there IS a subtle difference in the wordings, I would like to read the context in which both expressions have been used but, as I have already said, I don’t believe that you need concern yourself about these nuances
OK?
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