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Which sources shall require retrospective application

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Reference no: EM132745002

PAS 8 addresses changes of accounting policy arising from three sources:

  1. The initial application (including early application) of a PFRS containing specific transitional provisions.
  2. The initial application of a PFRS which does not contain specific transitional provision
  3. Voluntary changes in accounting policy

Problem 1: Which of the above sources shall require retrospective application?

Group of answer choices

A 1 and 2
B 1 and 3
C 2 and 3

Problem 2: Which of the following is usually not treated retrospectively?

Group of answer choices

A correction of prior period errors
B Revision in depreciable asset's useful life
C Change in reporting entity and measurement basis
D Change from weighted average to FIFO method for inventory .

Reference no: EM132745002

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