Q4-32. When the classification of items in its financial statements is changed, the entity: a. Must not
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Q4-32. When the classification of items in its financial statements is changed, the entity:
a. Must not reclassify the comparative amounts unless absolutely necessary.
b. Must reclassify comparative amounts, unless it is impractical to do so.
c. Has an unrestricted choice whether to reclassify the comparative amount or not.
d. Must preserve consistency in reporting, and no new reclassification should be allowed.
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Related Book For
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
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