Error Correction Flashcards
1
Q
Info
A
Started on 18 August 2014 @ 9.00 PM
Total questions 12
To do at a time 12
Practice session 79 or so
2
Q
Which of the following characteristics does not relate to prior period adjustments?
A
They are attributable to economic events occurring subsequent to prior period financial statements.
3
Q
What are the characteristics of prior period adjustments?
A
They can be specifically identified with business activity of a prior period.
They have a material effect on income from continuing operations of the current year.
They could not have been reasonably estimated in a prior period.
4
Q
Under IFRS reporting, a prior period error includes what?
A
Incorrect application of accounting policies.
Disclosure mistakes.
Measurement mistakes.
