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of <h1>Ind AS 8 Guidelines: Correcting Prior Period Errors in Financial Statements with Retrospective Restatement for Material Errors.</h1> Ind AS 8 addresses the treatment of prior period errors, defined as omissions or misstatements in financial statements due to misuse or failure to use reliable information available at the time of approval. Errors such as mathematical mistakes, fraud, or oversight are corrected based on their materiality. Immaterial errors are corrected in the current period, while material errors are corrected retrospectively by restating prior period amounts and opening balances of assets, liabilities, and equity. If retrospective restatement is impractical, corrections are applied to the extent possible. For interim financial statements, materiality is assessed relative to the interim period as per Ind AS 34.
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