CERTYNEX IFRS ACADEMY

In April 2025, Nelvane discovers a material error in its 2024 accounts, issued in March. It presents 2025 and 2024. Which treatment applies?

Correct only the 2025 opening balance sheet, without restating the 2024 income statement.

Restate the 2024 comparative in the 2025 financial statements.

Do nothing, the 2024 accounts having been approved by shareholders.

Recognise the effect of the error in 2025 profit, on a separate line.