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Leased assets incorrectly accounted as operating lease
in IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors by

1 Answer

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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.
by Level 3 Member (6.2k points)