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Explain the treatment of prior period errors

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Reference no: EM133063425

Question -

1. Define prior period errors.

2. Explain the treatment of prior period errors.

3. Explain retrospective restatement in relation to prior period errors.

4. What are the necessary disclosures related to prior period errors?

5. Explain the treatment of a material error discovered in the current year relating to a transaction two years ago and management has determined that retrospective application would be impracticable.

Reference no: EM133063425

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