Definition:A change in accounting estimate is an update to an approximation to a specific accounting treatment used in the past. A change usually only occurs when new information, subsequent developments, or improved judgments can be made that impact an accounting period. ...
66.?A change in an accounting estimate is:?A.?Reflected in past financial statements.B.?Reflected in future financial statements and also requires modification of past statements.C.?Reflected in current and future years financial statements,not in prior statements.D.?Not allowed under current ...
A change in the estimate for bad debts is a change of accounting estimate. It is not an extraordinary item.Restatement is used to correct an error. A change in an accounting estimate, such as the allowance for bad debts, is not an error.A change in the estimate for bad debts is a ch...
How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported? a. By restating the financial statements of all prior periods presented. b. As a component of income from continuing operations. c. By footnote disclosu...
The effect of a change in accounting principle which is inseparable from the effect of a change in accounting estimate should be reported A. By restating the financial statements of all prior periods presented. B. As a correction of an error. C. In the period of change and future periods ...
C. In the period of change and future periods if the change affects both. D. By showing the pro forma effects of retroactive application. 正确答案:C 分享到: 答案解析: C is corrent. Per ASC 250-10-45-18, the effect of a change in accounting principle which is inseparable from the ef...
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As a correction of an error. 正确答案:B 分享到: 答案解析: Choice "B" is correct. When the effect of a change in accounting principle is inseparable from the effect of a change in accounting estimate, the reporting treatment for the overall effect is as a change in estimate. Thus, the...