The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods? In the present, prior (by adjusting retained earnings) and future periods affected. In the present and future periods affected. In the present and prior reporting periods (by adjusting retained earnings). Not recognised in any period.

The estimate is based upon the opinion of one person that can vary in upcoming periods.

Answered: The effect of a revision of an…

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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The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods?

		In the present, prior (by adjusting retained earnings) and future periods affected.
		In the present and future periods affected.
		In the present and prior reporting periods (by adjusting retained earnings).
		Not recognised in any period.

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