Explain whether each of the following transactions would be accounted for as a change in accounting policy, change in accounting estimate or as an error correction. Assume that the entity reports its financial results in accordance with ASPE and all transactions are material.
Transaction During the audit of the 2021 fiscal year, the auditors learned that Soorya Mining Inc. should have had used an average price of $850/0z. for its fiscal 2021 reporting, not $840/0z. During the audit of the 2021 fiscal year, the auditors learned that Everlast Construction used the cost recovery method to account for its long-term contracts as it could not reasonable estimate the outcome of its performance obligations. Everlast has since improved its estimating capabilities and has adopted the percentage of completion method. During the audit of the 2021 fiscal year, the auditors learned that Everlast Construction previously used the completed contract method. During the year Everlast adopted the percentage of completion method. Appropriate accounting
Custody Arrangements
Legal agreements or court orders that outline how parents will share or divide legal and/or physical custody of their children.
Marital Property
Assets and property acquired by either spouse during the course of a marriage, which are subject to division upon divorce or separation according to local laws.
Divorce Mediation
A process in which a mediator assists divorcing couples in reaching an agreement on various matters such as child custody and asset division without going to court.
Parental Conflict
Disagreements or disputes between parents, which can have a range of negative effects on children.