Accounting Changes and Retrospective Restatement

question 75

Essay

Accounting changes and retrospective restatement
Retrospective restatements affect the profit of past accounting periods. Explain how retrospective restatements are shown in the financial statements.

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Definitions:

ISO 19600

An international standard that provides guidelines for establishing, developing, implementing, evaluating, maintaining, and improving an effective and responsive compliance management system within an organization.

Compliance Management

The process of ensuring that a company or organization follows all regulatory and legal requirements.

Ethics Program

A set of procedures, policies, and measures designed by an organization to guide employees' and stakeholders' behaviors in alignment with the organization's ethical standards.

Ethical Decisions

Choices made based on moral principles and values aimed at doing what is right and fair.