Explain what is meant by ‘retrospective application’ of an accounting policy

1. Explain what is meant by ‘retrospective application’ of an accounting policy. When does AASB 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ require

 

retrospective application of an accounting policy? Are there any exceptions?

2.What is the difference between a ‘retrospective application’ and a ‘retrospective

restatement’? 3. Changes in accounting estimates and errors relate to past reporting periods and as such they are often called ‘prior-period items’. What are the two general ways in which

prior-period items could be treated? Outline the arguments for and against each approach.

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erive the differential equations in terms of the liquid heights h1 and h2.

  Figure 7.18 shows a liquid-level system in which two tanks have cross-sectional areas A1 and A2, respectively. The volume flow rate into tank 1 is qi. A pump is connected to the bottom….

Derive the differential equation relating the liquid height h and the volume flow rate qi at the inlet.

  Consider the single-tank liquid-level system shown in Figure 7.19, where the volume flow rate into the tank through a pipe is qi. The liquid leaves the tank through an orifice….

Derive the differential equations in terms of the liquid heights h1 and h2.

Figure 7.20 shows a hydraulic system of two interconnected tanks that have the same cross-sectional area of A. A pump is connected to tank 1. Assume that the relationship between the….