03-10-2009, 12:34 PM
Dear Kamran Bhai,
I am getting some problem in understanding the new component of financial statement (mentioned in bold) included through Revised IAS 1.
1. a statement of financial position at the end of the period,
2. a statement of comprehensive income for the period,
3. a statement of changes in equity for the period
4. statement of cash flows for the period, and
5. notes, comprising a summary of accounting policies and other explanatory notes.
<b>6. When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements, it must also present a statement of financial position as at the beginning of the earliest comparative period.</b>
Kindly explain with the example.
Kind Regards,
Muhammad Rafay
I am getting some problem in understanding the new component of financial statement (mentioned in bold) included through Revised IAS 1.
1. a statement of financial position at the end of the period,
2. a statement of comprehensive income for the period,
3. a statement of changes in equity for the period
4. statement of cash flows for the period, and
5. notes, comprising a summary of accounting policies and other explanatory notes.
<b>6. When an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements, it must also present a statement of financial position as at the beginning of the earliest comparative period.</b>
Kindly explain with the example.
Kind Regards,
Muhammad Rafay
