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Presenting consolidated financial statements this year when statements of individual companies were presented last year is?

1.A correction of an error.

2.An accounting change that should be reported prospectively.

3.An accounting change that should be reported by restating the financial statements of all prior periods presented.

4.Not an accounting change.

Accounting Auditing Financial Reporting Finance Financial Statements
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Question added by Rehan Qureshi , Financial Consultant , Self Employeed
Date Posted: 2016/01/10
Upvote (3) Views (8) Followers (6) Answers (3) Report Question
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Rehan Qureshi
by Rehan Qureshi , Financial Consultant , Self Employeed

C) This is a change in accounting entity which requires restatement of prior periods being presented.

Muhammad Ali Raza
by Muhammad Ali Raza , OFFICER GRADE II in Audit Division , Bank AL Habib Pvt. Ltd

Its option #3 An accounting change that should be reported by restating the financial statements of all prior periods presented.

Mohammad Iqbal Abubaker
by Mohammad Iqbal Abubaker , Jahaca Pty Ltd - Accounts Administrator , Jahaca Pty Ltd - Accounts Administrator

Presenting consolidated financial statements this year when statements of individual companies were presented last year is?

 

3.An accounting change that should be reported by restating the financial statements of all prior periods presented.

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