Where a change in accounting estimates occurs, which of the following should be disclosed? A. The nature of the change and the impact on previous income statements The fact that the amount of the effect on future periods will not be disclosed because B. estimating that amount is impracticable and the reason for the change and comparative data to show the impact with and without the change The fact that the amount of the effect on future C. periods will not be disclosed because estimating that amount is impracticable D. The reason for the change and comparative data to show the effect with and without the change

Where a change in accounting estimates occurs, which of the following should be disclosed? A. The nature of the change and the impact on previous income statements The fact that the amount of the effect on future periods will not be disclosed because B. estimating that amount is impracticable and the reason for the change and comparative data to show the impact with and without the change The fact that the amount of the effect on future C. periods will not be disclosed because estimating that amount is impracticable D. The reason for the change and comparative data to show the effect with and without the change

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 17Q: Sometimes financial statements contain errors. What type of liabilities may need correction as a...

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Question

Where a change in accounting estimates occurs, which
of the following should be disclosed?
A.
The nature of the change and the impact on
previous income statements
The fact that the amount of the effect on future
periods will not be disclosed because
B. estimating that amount is impracticable and the
reason for the change and comparative data to
show the impact with and without the change
The fact that the amount of the effect on future
C. periods will not be disclosed because
estimating that amount is impracticable
D.
The reason for the change and comparative
data to show the effect with and without the
change

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