Which of the Following Is Not Correct Regarding the Provisions

question 21

Multiple Choice

Which of the following is not correct regarding the provisions of IAS No.8 on accounting changes and error corrections?

• A) IAS No.8 requires that results from prior periods be presented for all changes in accounting principles.
• B) IAS No.8 allows a change in accounting principle to be accounted for by reflecting the cumulative effect of the change in the income of the current period without restating prior-period results.
• C) Under IAS No.8,the recommended approach for a change in accounting principle is that results from prior periods should be restated.
• D) IAS No.8 requires a change in accounting estimate to be reflected in the current and future periods.

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Definitions:

Condoms

Barrier devices used during sexual activity to reduce the risk of sexually transmitted infections and prevent pregnancy.

Dental Dams

Thin, square pieces of latex or silicone used to prevent the spread of infections during oral surgeries or oral sex.

Sexually Transmitted Infection

Diseases spread via sexual intercourse, resulting from bacteria, viruses, or parasites.

Condoms

Barrier devices used during sexual intercourse to reduce the risk of sexually transmitted infections and pregnancy.