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How do you correct prior year financial statements for a finance lease incorrectly accounted for as an operating lease?


Leased assets incorrectly accounted as operating lease

asked Sep 30, 2015 in IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors by anonymous

1 Answer

0 votes
IAS 8.42 - Subject to paragraph 43, an entity shall correct material prior period errors retrospectively in the first set of financial statements authorised for issue after their discovery by:
(a) restating the comparative amounts for the prior period(s) presented in which the error occurred; or
(b) if the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and equity for the earliest prior period presented.
answered Oct 4, 2015 by Jeremy Level 3 Member (6,160 points)


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