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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4MC: A change in the expected service life of an asset arising because additional information has been...
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