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:

Empathy

The ability to understand and share the feelings of another, putting oneself in their shoes emotionally.

Social Skills

Behaviors and competencies that enable individuals to interact effectively with others, including communication, empathy, and conflict resolution skills.

Incipient Cooperation

Early stages of cooperative behavior or interaction among individuals or groups before fully developed cooperation is established.

Prosocial Behavior

Voluntary actions that are intended to help or benefit another individual or group of individuals without expectation of reward.