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
Sexually Active
Individuals who engage in sexual activities, implying various forms of sexual intercourse.
Sexual Identity
The personal sense of one's own gender and sexual orientation, including how individuals perceive themselves and what they call themselves in terms of being attracted to other genders.
Evolving Process
A process characterized by gradual changes and developments over time.
Pornography
Visual or written content that explicitly depicts sexual acts or arousal for the purpose of sexual excitement, often controversial in terms of legality and morality.