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LKAS 08 - Accounting policies, changes & estmates - Coggle Diagram
LKAS 08 - Accounting policies, changes & estmates
Accounting Policies
Accounting policies are the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements.
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Errors
Errors are omissions from and misstatements in the entities periods arising from a failure to user or misuse of reliable information that was available when financial estimates for those periods were authorized for issue.
Example : Mathematical errors, errors in use of accounting policies, oversight mis - interpretation and frauds.
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