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- A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentA change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the aboveWhich 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 No
- Which of the following is not one of the approaches for reporting accounting changes? The change approach. O The retrospective approach. The prospective approach. O All of these answer choices are approaches for reporting accounting changes.Adoption of ASC Topic 606 related to revenue recognition represents a Multiple Choice voluntary change in accounting principle Omandatory change in accounting principle. O voluntary change in accounting estimate. mandatory change in accounting estimate.Which of the following accounting changes is always accounted for prospectively? correction of an error change in accounting estimate change in accounting principle change in reporting entity
- How should the following changes be treated, according to PAS 8? I. A change is to be made in the method of calculating the provision for uncollectible receivables.; II. Investment properties are now measured at fair value, having previously been measured at cost. Change (1) Change (2) * Change of accounting policy Change of accounting policy Change of accounting policy Change of accounting estimate Change of accounting estimate Change of accounting policy Change of -current cost accounting estimate Change of accounting estimateCorrections of errors that occurred on a previous periods financial statements are called ________. A. restrictions B. deficits C. prior period adjustments D. restatementsWhich type of accounting change should always be accounted for in current and future periods? Change in accounting policy Change in reporting entity Change in accounting estimate Correction of an error