Accounting Standard That Underpins Accounting Error

bestforexcashback  2022/9/28 7:25:07


To avoid Free Forex Trade Copier Software possibility of making an accounting error, companies should ensure that their estimates are accurate. For this to happen, they must use reasonable judgment How to Open a Forex Account in Thailand cogent argumentation. The following is an overview of the main principles and bases of accounting. These principles and bases are the foundation of a sound financial reporting system.

International financial reporting standards IFRS require an entity to use certain principles, conventions, rules, and practices in the preparation of its financial statements. These principles, in turn, represent the entity s accounting policy. In addition, a company must follow certain IFRS principles and conventions when making changes to its accounting policies and estimates. The standard also includes requirements for the correct treatment of errors.

The application of an accounting standard retrospectively is impractical. Changes in accounting policy should be corrected in the most recent period, rather than affecting future periods. Therefore, an error in an accounting policy should be reflected in a restated financial statement for the earliest prior period, including any opening balances of assets, liabilities, and equity. The restatement should also include an explanation of the accounting error and how it was corrected.

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