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
[Malaysia Airlines | Klook Travel]
You May Like to Read
Our Latest Posts
- Are government employees allowed to practice their profession outside or while employed in the government?
Are government officials and employees allowed to practice profession while employed in the government? - CSC: Ito ang Pera na Nawawala Sayo sa Bawat Minutong Late Ka sa Trabaho
Magkano ba talaga ang nawawala sa’yo kapag late ka sa trabaho? Alamin ang opisyal na CSC at DBM formula sa pag-compute ng halaga ng nawawalang leave credits sa tuwing late o nagundertime ka sa trabaho. - CSC: Tamang paraan ng pag-avail ng Wellness Leave
Alamin ang tamang proseso ng pag-file ng Wellness Leave under CSC MC No. 01, s. 2026 — mula sa supervisor recommendation, 5-day advance filing rule, hanggang sa mga dapat tandaan bago mag-apply. - Security of Tenure: Maaari Ka Bang Paalisin ng Boss Mo Kahit Walang Dahilan?
Nagbago Na Ang Admin, Matatanggal Ka Na Ba? Basahin Ito Bago Mag-Alala - 10+ Government Employee Rights That Exist — But Nobody Talks About
Understanding the rights of government employees is vital for maintaining a fair and transparent public service. These rights, backed by law, include fair compensation, security of tenure, due process, and leave benefits.