AASB 108 (Accounting Policies,Changes in Accounting Estimates and Errors)specifies the Accounting

question 37

Multiple Choice

AASB 108 (Accounting Policies,Changes in Accounting Estimates and Errors) specifies the accounting treatment for changes in accounting policies,correction of errors and changes in accounting estimates.Which of the following statement(s) in relation to these items is/are true?

• A) Prior period errors are to be corrected by restating prior period information.
• B) Voluntary changes in accounting policy is to be accounted for prospectively.
• C) Changes in accounting estimates are to be accounted for retrospectively, unless it is impracticable to do so.
• D) A change in the useful life of an asset is considered a change in accounting policy.
• E) All of the given answers.

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Definitions:

Basilar Artery

A major blood vessel located at the base of the brain, supplying blood to the posterior part of the brain.

Cerebral Arterial Circle

Also known as the Circle of Willis, it is a ring-like arterial structure located at the base of the brain that ensures blood circulation even if part of it is blocked or narrowed.

Posterior Communicating Artery

A blood vessel that connects the internal carotid artery and the posterior cerebral artery at the base of the brain.

Internal Carotid Artery

A major artery that supplies blood to the brain, eyes, and other parts of the head.