IFRS Notes

Material prior period errors

IAS 8-pr42
Material prior period errors are corrected by retrospective restatement,
in the first set of financial statements
authorised to issue
after those errors are discovered.

Retrospective restatement
(1) Restate comparative amounts for previous periods presented
(2) If the errors occurred before the earliest prior period presented,
restate opening balances for the earliest prior period.

IAS 8-pr43
Retrospective restatement is limited,
if it is impracticable to estimate either of the following:
(1) period-specific effects
(2) cumulative effect of changes.

IAS 8-pr44
If it is impracticable to estimate period-specific effects,
restate opening balances for the earliest period for which
retrospective restatement is practicable.

IAS 8-pr45
If it is impracticable to estimate cumulative effect of errors,
restate comparative information prospectively
from the earliest date practicable.

U.S. GAAP
asc 250-10-45-23
Prior period errors are corrected
by restating prior period financial statements.

asc 250-10-45-23, 24
No rules about the cases where it is not practicable.