What does it mean by “change in accounting policy”?
How to apply a “change in accounting policy?
According to the Commission on Audit (COA), a change in accounting policy requires retrospective application.
What does it mean by retrospective application?
A change in accounting policy requires retrospective application. The entity shall adjust the opening balance of each affected component of net assets/equity for the earliest period presented, and the other comparative amounts disclosed for each prior period presented as if the new accounting policy had always been applied. It means that the entity shall restate the amounts for prior period/s in the comparative financial statements to reflect the change in accounting policy.
Item 4.6, COA Circular No. 2022-004 dated May 31, 2022
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