Revised Estimates of the Useful Life or Residual Value of a Depreciable

question 141

True/False

Revised estimates of the useful life or residual value of a depreciable asset are examples of a change in accounting principle.

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Definitions:

International Accounting Standards Board

An independent, private-sector body that develops and approves International Financial Reporting Standards (IFRS), ensuring transparency, accountability, and efficiency in the global financial markets.

Legal Authority

The formal and legitimate power or right given to an entity or individual to make decisions, enact laws, or enforce rules and regulations.

United Nations

An international organization formed in 1945 to increase political and economic cooperation among its member countries.

Power Distance

A cultural dimension that reflects the degree to which less powerful members of a society accept and expect power to be distributed unequally.