This free, guided checker walks your finance team through the key decision points for IAS 1 Comparative Information Restatement. Answer a few questions to see the likely treatment and the evidence to document.
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This tool is a high-level IFRS screening aid for general information only and is not accounting, audit or legal advice. Conclusions require entity-specific evidence and judgement - confirm the treatment with your advisor.
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IAS 8 prior-period errors, voluntary accounting policy changes, and new IFRS retrospective application require restating comparatives as if the new policy or correction had always applied.
Changes in accounting estimates and prospective transition provisions are recognized in current and future periods (IAS 8.36-38); no comparative restatement is required.
Official guidance: IFRS issued standards
Each category follows IAS 8 restatement mechanics but differs in disclosure requirements and whether the change is voluntary or mandatory.
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Official guidance: IFRS issued standards
IAS 1.40A requires a third statement of financial position when retrospective application has a material effect on the opening comparative balance sheet.
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Official guidance: IFRS issued standards
Present the third statement as at the beginning of the preceding period (IAS 1.40B). IAS 1.40C relieves the entity from repeating the related notes for that opening statement, but the IAS 8.49 correction disclosures and the IAS 1.106(b) equity effects still apply. A common trap is dating the statement at the wrong period end or omitting it when only reclassifications, not remeasurements, are material.
Prepare third statement of financial position per IAS 1.40A when opening comparative effect is material.
Official guidance: IFRS issued standards
IAS 1.38 requires comparative information for all amounts reported; restated income and OCI must reflect the correction or policy change in each comparative column.
Restate comparative income and OCI before issuing financial statements.
Official guidance: IFRS issued standards
Cash-flow comparatives must align with restated balance sheet classifications; presentation-only reclassifications remap operating lines without changing net cash.
Restate comparative cash flows to align with corrected balance sheet presentation.
Official guidance: IFRS issued standards
IAS 1.38 extends to notes; policy descriptions, reconciliations, and narrative comparatives must match restated amounts in the primary statements.
Update all comparative note disclosures to match restated amounts.
Official guidance: IFRS issued standards
IAS 33 requires restated EPS when prior-period errors or retrospective policy changes affect profit attributable to ordinary equity holders.
Recalculate comparative EPS for restated profit amounts.
Official guidance: IFRS issued standards
IFRS 8 segment comparatives and local regulatory formats may require additional restated columns beyond minimum IAS 1 comparative requirements.
Restate segment and regulatory comparatives affected by the correction or policy change.
Official guidance: IFRS issued standards
IAS 1.106(b) requires the statement of changes in equity to present, for each component, the effects of retrospective application or restatement recognized under IAS 8, and IAS 8.49(c) requires the amount of the correction at the beginning of the earliest prior period presented. Reconcile each affected component - retained earnings, OCI reserves, NCI - separately rather than posting a single retained-earnings plug.
Prepare the opening equity reconciliation for each component at the beginning of the earliest comparative period (IAS 1.106(b); IAS 8.49(c)).
Official guidance: IFRS issued standards
IAS 8.49 requires disclosure of the nature of the error or policy change, amount of correction for each line item and EPS, and earliest-period opening adjustment.
Comparative information is restated with third balance sheet and IAS 8 disclosures complete. Complete IAS 8.49 disclosure before issuing restated financial statements.
Official guidance: IFRS issued standards
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