When the entity changes the presentation or classification of items in its financial statements, the entity shall reclassify comparative amounts unless reclassification is impracticable. An entity shall clearly identify the financial statements and distinguish them from other information in the same published document.
When the classification of items in the financial statements is change the entity must?
3.12 When the presentation or classification of items in the financial statements is changed, an entity shall reclassify comparative amounts unless the reclassification is impracticable.
When an entity changes the end of its reporting period and presents financial statements?
The statement of changes in financial position (sometimes called a cash flow statement) shows a company's net cash flow in a given period of time. Because it also indicates where the cash flowed from or to, it is often referred to as the sources and uses of cash statement.
What is another name for the statement of changes in financial position?
Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in the current or previous periods.