Accounting · Presentation of Financial Statements
Which one of the following changes would NOT require a third Statement of Financial Position to be presented under IAS 1?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Retrospective restatement of comparative figures due to a change in accounting policy
- 2Retrospective restatement of comparative figures due to the correction of a material prior period error
- 3Prospective application of a new accounting policy✓
- 4A material retrospective reclassification of items in the financial statements
Correct answer
Prospective application of a new accounting policy
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