The statement in relation to AASB 108 and the correction of prior-period errors that is incorrect is:
A) Prior-period errors are material omissions from and misstatements in an entity's statement of financial position and associated notes
B) The correction must not be included in the profit or loss for the period in which the error is discovered
C) Comparative figures for prior periods need not be restated
D) A retrospective correction must be made which will normally affect retained earnings in the current statement of financial position

Question

Quizplus · Accepted Answer

This statement is incorrect as per AASB 108. Comparative figures for prior periods should be restated to ensure comparability between periods.

The Statement in Relation to AASB 108 and the Correction