Problem: 2-53 A change in accounting estimate is applied? a) Prospectively b) Retrospectively c) Both prospectively and retrospectively d) Neither prospectively nor retrospectively
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- Sub: Financial AccountingRetrospective restatement usually is appropriate for a change in: Accounting Estimate Accounting Principle a. Yes Yes b. Yes No c. No Yes d. No No Multiple Choice Option c Option bA change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the above
- Multiple choice 1. A change in measurement basis is most likely a. change in accounting policy. c. error. b. change in accounting estimate. d. any of these 2. A correction of prior period error is accounted for by a. retrospective application. b. retrospective restatement. c. prospective application. d. impracticable application. 3. Which of the following is a change in accounting estimate? a. Change from the cost model to the fair value model of measuring investment property. b. Change in business model for classifying financial assets resulting to the reclassification of a financial asset from being measured at amortized cost to fair value. c. Change in the method of recognizing revenue from long term construction contracts. d. Change in the depreciation method, useful life or residual value of an item of property, plant and equipment. 4. These result from new information or new developments. a. Changes in accounting estimates b. Changes in accounting policies C.…Why is retrospective treatment of changes in accounting estimatedprohibited? A. Changes in estimate are normally corrections and adjustments which are the natural result of the accounting process B. The retrospective treatment for any type of presentation is not allowed C. Retrospective treatment of changes in accounting estimate is required by IFRS D. The IFRS is silent on the issueMultiple choice Question
- Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes NoMultiple Choice Question: A change in accounting principle requires what? a) Only prospective application b) Retrospective application c) No disclosure d) Only current year adjustmentWhich of the following is (are) the proper time period(s) to record the effects of a change in accounting estimate? Current period and prospectively O Current period and retrospectively O Retrospectively only O Current period only