Under U.S. GAAP, when can companies record a change in estimate? (RE&CF 1) Only when FASB has issued a new rule that required the change Only to correct an error in previously issued financial statements Companies should not record these changes due to the confusion it causes investors. Only when the company can justify the change as preferable to current treatment

Under U.S. GAAP, when can companies record a change in estimate? (RE&CF 1) Only when FASB has issued a new rule that required the change Only to correct an error in previously issued financial statements Companies should not record these changes due to the confusion it causes investors. Only when the company can justify the change as preferable to current treatment

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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