Which of the Following Isnot Correct Regarding the Provisions of IAS

question 24

Multiple Choice

Which of the following isnot correct regarding the provisions of IAS No. 8 on accounting changes and error corrections?

• A) Under IFRS No. 8, the recommended approach for a change in accounting principle is that results from prior periods should be restated.
• B) IFRS No. 8 allows a change in accounting principle to be accounted for by reflecting the cumulative effect of the change in the income of the current period without restating prior-period results.
• C) IFRS No. 8 requires that results from prior periods be presented for all changes in accounting principles.
• D) IFRS No. 8 requires a change in accounting estimate to be reflected in the current and future periods.

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Definitions:

Organisational Culture

The set of shared values, beliefs, and practices that characterizes an organization and influences the behavior of its members.

Production Standards

Established criteria or benchmarks for determining the quality, quantity, and efficiency of production processes within an organization.

Market Competition

The contest between companies to attract customers, increase sales, and gain market dominance.

Core Values

The fundamental beliefs or guiding principles that shape an individual's actions or an organization's culture and decision-making processes.