BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that policy had always been applied.

Detailed explanation-2: -Retrospective application means that the accounting records be adjusted as though the new accounting policy had always been in place, so that the opening equity balance of all periods presented incorporates the effects of the change.

Detailed explanation-3: -Changes in an accounting policy are applied retrospectively unless this is impracticable or unless another IFRS Standard sets specific transitional provisions. Changes in accounting estimates result from new information or new developments and, accordingly, are not corrections of errors.

Detailed explanation-4: -Retrospective application requires the following: The cumulative effect of the change to the accounting principle on periods prior to those presented should be reflected in the carrying amounts of assets and liabilities as of the beginning of the earliest period presented.