sameebest
May 13, 2013, 02:17 AM
I need to do an accounting policy change due to first time adoption of IFRS. Need to know what the adjustments for following example are.
Provision for retirement obligation,
Payable balance $20,000 as at 01-01-2012
According to IFRS calculation year end balance should be $48,500 (31-12-2012)
When taking retrospective effect for three years,
2010 :$15,000
2011 :$7,500
2012: $6,000
Can we charge $6,000 for current year P&L and take 2010/11 balances through changes of equity? Or else should I need to take both 2012/11 to current year P&L and 2010 from equity?
Provision for retirement obligation,
Payable balance $20,000 as at 01-01-2012
According to IFRS calculation year end balance should be $48,500 (31-12-2012)
When taking retrospective effect for three years,
2010 :$15,000
2011 :$7,500
2012: $6,000
Can we charge $6,000 for current year P&L and take 2010/11 balances through changes of equity? Or else should I need to take both 2012/11 to current year P&L and 2010 from equity?