Help with IAS 1

[duybachhpvn]

IAS 1 paragraph 41 states: When the entity changes the presentation or classification of items in its financial statements, the entity shall reclassify comparative amounts unless
reclassification is impracticable. When the entity reclassifies comparative amounts, the entity shall disclose:
(a) the nature of the reclassification;
(b) the amount of each item or class of items that is reclassified; and
(c) the reason for the reclassification.

I don't understand what does it mean by ''reclassify comparative amounts'' ? Is it similar to restating comparative retained earning when applying change in accounting policy retrospectively ? Can you please give me some examples about reclassification ?
Thank you very much.

 

[josefuertesm]

Ias 1

Hi, mean that if for example you change the order of the accounts in the statement of financial position, you must prepare the same information of amounts for the previous year, is not like IAS 8 because when you change a policy you must identify the oldest period of impact, and you must prepare 3 statement of financial position. According to paragraph 41 you are not required to prepare 3 of them, only to change the comparative information. The purpose of this is make the information comparable.