The correction of errors relating to prior periods is now covered by:
A) AASB 1034
B) AASB 101
C) AASB 108
D) none of the above

Question

Quizplus · Accepted Answer

AASB 108 (Accounting Policies, Changes in Accounting Estimates and Errors) covers the correction of errors relating to prior periods. AASB 1034 (Financial Report Presentation and Disclosure) deals with the presentation and disclosure of financial statements, while AASB 101 (Presentation of Financial Statements) deals with the format and structure of financial statements. None of the above standards specifically address the correction of errors relating to prior periods.

The Correction of Errors Relating to Prior Periods Is Now