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10. According to AASB1018 paragraph 5, prior period errors are omissions from, and misstatement in the entity's financial statements for one or more prior periods.
10. According to AASB1018 paragraph 5, prior period errors are omissions from, and misstatement in the entity's financial statements for one or more prior periods. What is the appropriate treatment for these prior period errors? a. Correct the errors in the period where the error occured b. Making an adjustment against the opening balance of retained earnings c. Correct the errors in the period that they were detected d. Change nothing in the accounts and disclose the error by way of a note to the accounts Justification
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