07-11-2006, 07:03 PM
para 8.24 , 8.25 , 8.27
para 8.24 tell us
When determination of period specific effects is impracticable --- retrospectively from earliest practicable period 8.24
para 8.25 tells us
When cumulative effect impracticable to determine, at the beginning of the current period --- prospective application from earliest date practicable 8.25
para 8.27 tells us
When it is impracticable for an entity to apply a new accounting policy retrospectively, because it cannot determine the cumulative effect of applying the policy to all prior periods, the entity, in accordance with paragraph 25, 8.27
Applies the new policy prospectively from the start of the earliest period practicable
QUESTION NO 1
y para 8.27,isn't this a repetition of para 8.25?if this is not how is it different?
QUESTION NO 2
plz give me examples for each of these 3 para so dat they become clear to me....
QUESTION NO 3
how is it possible that determination of period specific effect is indeterminable but cumulative effect determination possible,e.g,yr end is 30 dec 2006,we can't determine period specific effect of yr 2002,now how is it possible that we determine cumulative effect upto 1jan 2005 or 1 jan 2006?????
para 8.24 tell us
When determination of period specific effects is impracticable --- retrospectively from earliest practicable period 8.24
para 8.25 tells us
When cumulative effect impracticable to determine, at the beginning of the current period --- prospective application from earliest date practicable 8.25
para 8.27 tells us
When it is impracticable for an entity to apply a new accounting policy retrospectively, because it cannot determine the cumulative effect of applying the policy to all prior periods, the entity, in accordance with paragraph 25, 8.27
Applies the new policy prospectively from the start of the earliest period practicable
QUESTION NO 1
y para 8.27,isn't this a repetition of para 8.25?if this is not how is it different?
QUESTION NO 2
plz give me examples for each of these 3 para so dat they become clear to me....
QUESTION NO 3
how is it possible that determination of period specific effect is indeterminable but cumulative effect determination possible,e.g,yr end is 30 dec 2006,we can't determine period specific effect of yr 2002,now how is it possible that we determine cumulative effect upto 1jan 2005 or 1 jan 2006?????
