Changes in Accounting Estimates Are Based on

question 79

Multiple Choice

Changes in accounting estimates are based on

• A)new information that has now become available.
• B)management bias.
• C)information available from the use of hindsight.
• D)comparable industry practice.

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Definitions:

AASB 141

An Australian accounting standard regarding the accounting for agricultural activity, including the recognition and measurement of biological assets and agricultural produce.

IAS 41

An International Accounting Standard that deals with the accounting for agricultural activity, including the transformation of biological assets (living plants and animals) into agricultural produce.

Biological Asset

Living plants or animals that companies hold for sale, into agricultural produce, or into additional biological assets.