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Chapter 14

2.4 Errors

Prior period errors are omissions from, and misstatements in, the entities financial
statement for one or more periods arising from a failure to use, or misuse of, reliable
information that:

 was available when financial statements for these periods were authorised for
issue; and

 could reasonably be expected to have been obtained and taken into account in
the preparation and presentation of those financial statements.

Apply retrospectively:

 restate opening assets, liabilities and equity as if error never occurred

 restate retained earnings

 disclose in SOCIE

 restate comparatives.

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