AASB 108 Accounting Policies,Changes in Accounting Estimates and Errors Specifies

question 51

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 are 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.

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Definitions:

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An event that causes psychological distress and can lead to long-term mental health issues like PTSD.

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Experts who study how individuals think, influence, and relate to one another within the context of society.

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Automatic System

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