Disclosures on the correction of an error

Learning objectives

• Identify the disclosures required on the correction of a prior period error.L2, L3

Normative references

• IAS 8 §49On correcting a prior period error, the entity discloses: the nature of the error; for each prior period presented, to the extent practicable, the amount of the correction for each financial statement line item affected and, if IAS 33 applies, for basic and diluted earnings per share; the amount of the correction at the beginning of the earliest prior period presented; and, if retrospective restatement is impracticable for a particular prior period, the circumstances and a description of how the error has been corrected. These disclosures need not be repeated in the financial statements of subsequent periods.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

9 questions

• When a prior period error is corrected, the entity discloses the nature of the error.L2
• Disclosures about the correction of a prior period error must be repeated in the financial statements of all subsequent periods.L2
• Sorgane, listed and subject to IAS 33, corrects a 2024 error. Which disclosure, specific to entities subject to IAS 33, must appear in its notes, to the extent practicable?L2
• Tauscard corrects an error dating back to 2022 in its 2025 financial statements (2024 comparative). What amount must it disclose, in addition to the 2024 corrections by line item?L2
• For a given prior period, Faldane cannot restate an error retrospectively, for lack of data. What must it disclose about this?L3
• Which of these disclosures are required when a prior period error is corrected?L2
• Which statements about disclosures on error corrections are correct?L3
• Vellane's note on correcting an error dating back to 2022 discloses the nature of the error and the 2024 corrections by line item (comparative). Which disclosure is missing?L2
• In 2024, Vrévelle corrected a 2023 error and described it in its 2024 notes. For its 2026 financial statements, the controller repeats this note in full 'as required'. What do you think?L3