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Per PAS 8, it is an adjustment of the carrying amount of an asset or a liability., or the amount of the periodic consumption of an asset, that results from the assessment of the present status of the expected future benefits and obligations associated with assets and liabilities* Q O Prospective application O Change in accounting estimate O Correction of error O Prior period error

Per PAS 8, it is an adjustment of the carrying amount of an asset or a liability., or the amount of the periodic consumption of an asset, that results from the assessment of the present status of the expected future benefits and obligations associated with assets and liabilities* Q O Prospective application O Change in accounting estimate O Correction of error O Prior period error

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Per PAS 8, it is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of the expected future benefits and obligations associated with assets and liabilities* 4 O Prospective application O Change in accounting estimate O Correction of error O Prior period error
Transcribed Image Text:Per PAS 8, it is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset, that results from the assessment of the present status of the expected future benefits and obligations associated with assets and liabilities* 4 O Prospective application O Change in accounting estimate O Correction of error O Prior period error
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