The methods used for applying fundamental accounting concepts to financial transactions and items when preparing financial statements. The particular bases adopted by an organization will form its accounting policies.
Comparative Figures are used in financial statements to provide a basis for comparison with figures from previous years. This allows for better understanding of an organization’s financial performance over time.
Comprehensive overview of prior-period adjustments, including historical context, importance, examples, and key guidelines as per IAS 8.
Retrospective application involves applying a new accounting policy to transactions and events as though it had always been applied, ensuring consistency across financial statements.
Standard Costs are pre-determined expenses for materials, labor, and overhead used by businesses to benchmark their actual costs against predefined standards for better cost management and control.
