Adjustments applicable to prior accounting periods due to changes in accounting policies or correction of material errors. These are not normal recurring adjustments or corrections of accounting estimates.
Reserve accounting refers to the allocation of funds to reserves rather than processing them through the profit and loss account. This method might be used in specific instances, such as making prior-period adjustments.
A financial statement that combines the income statement and the statement of retained earnings, detailing a company's profit, dividends, and equity changes during a period, as outlined by the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102, Section 6).
