(IFRS) for Small and Medium-sized Entities (SMEs)

IFRS FOR SMES – JULY 2009(b)if the error occurred before the earliest prior period presented, restatingthe opening balances of assets, liabilities and equity for the earliest priorperiod presented.10.22 When it is impracticable to determine the period-specific effects of an error oncomparative information for one or more prior periods presented, the entity shallrestate the opening balances of assets, liabilities and equity for the earliest periodfor which retrospective restatement is practicable (which may be the currentperiod).Disclosure of prior period errors10.23 An entity shall disclose the following about prior period errors:(a)(b)(c)(d)the nature of the prior period error.for each prior period presented, to the extent practicable, the amount ofthe correction for each financial statement line item affected.to the extent practicable, the amount of the correction at the beginning ofthe earliest prior period presented.an explanation if it is not practicable to determine the amounts to bedisclosed in (b) or (c) above.Financial statements of subsequent periods need not repeat these disclosures.© IASCF 53