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IAS 8 - Coggle Diagram
IAS 8
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Prior Period Error
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- Restating opening balances of A, L & E if error occured earlier.
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- Restating comparative amts for periods presented OR
- Amt of correction for EACH FS line item for Each period
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- AMT of correction of @ beg of earliest period presented.
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GENERAL
Difficult to distinguish if it is an AP change or Change in Estimate? Treat it as change in Estimate... (par35)
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Impracticability of AP & Errors are identical except one is concerned with A & L and the other is concerned with A, L & E