In some of the SADC countries, petty bribes are often paid in order to get a passport, a driverâs license, birth or marriage certificate, visa, residence permit, work permit, import license, customâs duty, tax rebate and so on.
(Level 1) Required reading â Chapter 20, pages 1193-1200 to Retrospective Approach with Restatement LEVEL 1 There are three classifications of accounting changes â changes in policy, changes in estimate, and corrections of errors.ctivity 8.2-1: Classifying accounting changes What method should be used to account for each of the following?1. A change from average cost (AC) to first-in, first-out (FIFO) to conform to industry practice. 2. A change to percentage-of-completion from completed contract based on user needs.
Accounting Changes and Error Corrections D:\Teaching\3322\web\post\module4\c20\tnotes\c20a.doc 11/29/2007 2 The correction of an error must be handled as a prior period adjustment to the earliest period reported in the financial statements.ll such corrections are reported on a retrospective basis. Some of the types of errors that might occur are as follows: (1) Change from an unacceptable accounting principle to an acceptable one. (2) Mathematical errors. (3) Changes in estimates that were not prepared in good faith.