Which of the following is correct regarding the provisions of IFRS No. 8 on accounting changes and error corrections?
A) IFRS No. 8 requires that correction of an error be made only by restatement of all prior periods presented.
B) IFRS No. 8 allows correction of an error to be made either through restatement of all period periods presented or by reflecting the effect of the correction in income of the period in which the error was discovered without restating previously reported results.
C) IFRS No. 8 requires correction of an error to be made only by reflecting the effect of the correction in income of the period in which the error was discovered without restating previously reported results.
D) IFRS No. 8 reflects a preference for not restating prior results in reporting accounting changes and error corrections.

Question

Quizplus · Accepted Answer

IFRS No. 8 allows correction of an error to be made either through restatement of all prior periods presented or by reflecting the effect of the correction in income of the period in which the error was discovered without restating previously reported results. This gives entities the option to choose the most practical method of correcting an error based on the circumstances.

Which of the Following Is Correct Regarding the Provisions of IFRS