AASB 108 Accounting Policies,Changes in Accounting Estimates and Errors requires material prior period errors to be corrected retrospectively,in the period when the error was discovered.

Question

Quizplus · Accepted Answer

AASB 108 requires material prior period errors to be corrected retrospectively, which means adjusting the opening balances of the earliest period presented and restating comparative information. This ensures comparability and accuracy of financial information presented in the financial statements.

AASB 108 Accounting Policies,Changes in Accounting Estimates and Errors Requires