Assets and liabilities are restated to reflect all requirements on a fully retrospective basis.
Assets and liabilities are restated to reflect all requirements.
The rebuttable position for most assets and liabilities on transition to EU IFRS, FRS 101 or FRS 102 is that they are restated to reflect all requirements on a fully retrospective basis. However, there are a number of available exemptions from this which provide practical reliefs from potentially tortuous analysis of past transactions. These include in particular: