Question
Revision restatements differ from reissuance restatements in that revision restatements address misstatements: affecting only one prior reporting period. that increased income. that decreased income. that
Revision restatements differ from reissuance restatements in that revision restatements address misstatements: affecting only one prior reporting period. that increased income. that decreased income. that are less severe than those requiring reissuance restatements.
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The key difference between revision restatements and reissuance restatements is Revision restatements address misstatements affecting only one prior reporting period Reissuance restatements address more significant misstatements that affect multiple prior periods and require refiling of financial statements Some additional details Revision restatements correct immaterial misstatements from a single prior period and are disclosed in the current period financial statements Reissuance restatements correct material misstatements affecting multiple periods and require refiling amended financial statements for prior periods Revision restatements can increase decrease or have no impact on prior period income The nature of the adjustment is not relevant to whether it is a revision restatement ...
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
4th Edition
0730382648, 978-0730382645
