A Company Can Change from One Acceptable Accounting Principle to Another

question 31

True/False

A company can change from one acceptable accounting principle to another as long as the change improves the usefulness of information in its financial statements or it is required by IFRS.

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Definitions:

Satisfy Wants

The fulfillment of human desires or needs through the consumption of goods and services.

Utility

In economics, utility is the satisfaction or benefit derived by consumers from consuming goods or services.

Data

Information collected for analysis or used to reason or make decisions.

Value for X

A placeholder term often used in mathematics to represent an unknown or variable quantity.