Final answer:
that the error can be reported in the current period if retrospective reporting is considered impracticable. IFRS mandates retrospective correction of errors, unless impracticable.
Step-by-step explanation:
The correct statement regarding correcting errors in previously issued financial statements prepared in accordance with International Financial Reporting Standards (IFRS) is: The error can be reported in the current period if it's not considered practicable to report it retrospectively (c).
As per IFRS, when prior period errors are discovered, entities are required to correct them retrospectively in the first set of financial statements authorized for issue after their discovery, if practicable. This involves adjusting the opening balances of assets, liabilities, and equity for the earliest period presented and restating the comparative information. If it is impracticable to determine the cumulative effect at the beginning of the current period or for all prior periods, the adjustments should be made in the current period's financial statements. Impracticability in this context refers to the effort or cost being so excessive that it is unreasonable to expect the entity to make the retrospective adjustment.
The error can be reported prospectively if it's not considered practicable to report it retrospectively.
This means that if it is not possible to correct the error in the financial statements retroactively, the error can be corrected in the current period going forward. This approach is taken when it is not feasible or practical to make adjustments to prior periods. Reporting the error prospectively ensures that the financial statements for future periods are presented accurately.