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.
These include classification errors among the real accounts in the balance sheet. effect on the income statement and therefore do not require any restatement of retained earnings. should be corrected for each year presented. These include classification errors among the nominal accounts in the income statement. have not effect on net income and therefore do not require any restatement of retained earnings. should be corrected for each year presented. There are two types of errors involving both the income statement and the balance sheet. Counterbalancing errors will be offset over two accounting periods. take more than two periods to offset. A. We first need to determine if the books are closed for the current year.