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With respect to a retrospectively applied change in accounting policy, the effects on prior years' income is treated as an adjustment to opening retained earnings.
Equivalent Interest Rate
A rate that represents the annual interest yield of an investment or loan, taking into account the effects of compounding.
Nearest 0.01%
Measurement or calculation precision to the hundredth of a percent.
Equivalent Interest Rate
The interest rate that gives the same compounded financial outcome as other rates calculated over different time periods.
Nearest 0.01%
Rounding off a numerical figure to the closest one hundredth of a percent.
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