A Material Prior Period Error in Year Ending 2012 Was

question 39

Multiple Choice

A material prior period error in year ending 2012 was subsequently discovered in 2013.To comply with IAS 8 Accounting Policies,Changes in Accounting Estimates and Errors an entity should:

• A)reissue the 2012 financial statements with the error corrected.
• B)make a retrospective adjustment in 2012.
• C)make a retrospective adjustment in 2013.
• D)make a prospective adjustment in 2012.

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Definitions:

Title VII

A section of the Civil Rights Act of 1964 that prohibits employment discrimination based on race, color, religion, sex, or national origin.

Civil Rights Act

Landmark legislation in the United States that outlaws discrimination based on race, color, religion, sex, or national origin, most notably seen in the Civil Rights Act of 1964.

Sexual Harassment

Unwanted or inappropriate sexual remarks or physical advances in a workplace or other professional or social situation.

Hostile Work Environment

A situation in a workplace where an employee experiences harassment or discrimination, making it difficult to work.