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Prior period errors are omissions from, and misstatements in, the entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: (a) was available when financial statements for those …

Retrospective application is applying a new accounting policy to transactions, other events and conditions as if that policy had always been …

Retrospective restatement is correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never …

Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. For a particular prior period, it is impracticable to apply a change in an accounting policy retrospectively or to make a …

Prospective application of a change in accounting policy and of recognising the effect of a change in an accounting estimate, respectively, are: (a) applying the new accounting policy to transactions, other events and conditions occurring after the date …

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The following terms are used in this Standard with the meanings specified: …

A bearer plant is a living plant that: (a)             is used in the production or supply of agricultural produce; (b)             is expected to bear produce for more than one period; and (c)              has a remote likelihood of being sold as …

Carrying amount is the amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment …

Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised …