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The Company normally only receives an actuarial report every half year. For Q1 and Q3 no report is received nor are any OCI bookings made (service costs are booked on a monthly basis). In current year, the Company decided to get a review opinion for Q1. In order to get this the Company requested an actuarial report for the current year and prior year. Prior year’s actuarial calculation shows that OCI should have been adjusted by a material amount. Is it necessary to retrospectively adjust the OCI balance from prior year and how does this has to be disclosed in the quarterly report?
in IAS 34 - Interim Financial Reporting by

1 Answer

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This should be dealt with  IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors

IAS 8.42 is clear about such error correction method:
"...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."
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