> After completing your accounting degree, you were able to secure a CA track position at the Brisbane ofce of one of the top 4 accounting rms. At your new rm, you are part of the nancial reporting compliance team. One day, your client discovered that depreciation expense of their company for 2014 was understated by $10,000. This client seeks your advice on whether this retrospective restatements to correct prior-period errors should be included in their comprehensive income in 2015. You are asked to advise your client by referring to AASB 101 and your advice should cover the following points: What approach to prot measurement has been adopted by Australian Accounting Standard setters? How should prior-period adjustments (in this case. understated depreciation) bypass the income statement be treated? Outline the arguments for and against the exclusion of prior-period adjustment adjustments (such as the effects of errors and accounting policy changes) in the calculation of prot