doc__table__282

| 52 | Therefore, retrospectively applying a new accounting policy or correcting a prior period error requires distinguishing information that: (a) provides evidence of circumstances that existed on the date(s) as at which the transaction, other event or condition occurred; and (b) would have been available when the financial statements for that prior period were authorised for issue; from other information. For some types of estimates (e.g. an estimate of fair value not based on an observable price or observable inputs), it is impracticable to distinguish these types of information. When retrospective application or retrospective restatement would require making a significant estimate for which it is impossible to distinguish these two types of information, it is impracticable to apply the new accounting policy or correct the prior period error retrospectively.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-08 · Text as adopted (Official Journal); later amendments are not incorporated in this text.