Page 236 - F1 Integrated Workbook STUDENT 2018

Chapter 14

2.3 Changes in accounting policies

Changes should only be made if either, it is required by an IFRS, or the change
improves the relevance and reliability of financial statements.

Apply retrospectively:

 restate opening balances as if new policy had always applied

 restate retained earnings

 disclose in SOCIE

 restate comparatives.

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