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A Material Prior Period Error in Year Ending 2012 Was

Question 39

Multiple Choice

A material prior period error in year ending 2012 was subsequently discovered in 2013.To comply with IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors an entity should:


A) reissue the 2012 financial statements with the error corrected.
B) make a retrospective adjustment in 2012.
C) make a retrospective adjustment in 2013.
D) make a prospective adjustment in 2012.

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