What Is Rectification? Explain Its Use by Courts in Situations

question 55

Essay

What is rectification? Explain its use by courts in situations involving mistake in law.

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Definitions:

IFRS

International Financial Reporting Standards represent worldwide accounting norms that facilitate the creation of financial statements.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting.

Principles-based

An approach that bases decisions on general principles or values rather than specific rules.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that are becoming the global standard for the preparation of public company financial statements.