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Assume that you are a new accounting graduate that has obtained a position at Grant Thornton Australia in Sydney. Your client informs you that they have discovered that depreciation expense of their company for 2019 was understated by $20 000. This client seeks your advice on whether this retrospective restatement to correct prior-period errors should be included in their comprehensive income in 2019.
Your line manager asks you to advise your client referring to AASB 101 and your advice should cover the following points:
Question (1) What approach to profit measurement has been adopted by Australian Accounting Standard setters?
Question (2) How should prior-period errors be reported?
Question (3) Outline the arguments for and against the exclusion of prior-period adjustment adjustments (such as the effects of errors and accounting policy changes) in the calculation of profit.
Are there any incentives for your client to deliberately misstate the depreciation charges in the previous period?
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