International Accounting Standard 8 Requires

question 16

Multiple Choice

International Accounting Standard 8 requires

• A) a restatement of prior years' income for a change in accounting principle.
• B) the reporting of the cumulative effect of a change in accounting principle as part of net income in the year of the change.
• C) the reporting of the cumulative effect of a change in accounting principle as a direct adjustment to beginning retained earnings in the year of the change.
• D) the amortization of the cumulative effect of a change in accounting principle over the future periods expected to be affected by the change.