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IAS 8

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  • This topic has 1 reply, 2 voices, and was last updated 2 months ago by P2-D2.
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  • May 3, 2022 at 3:28 pm #654818
    suleymanabuzerli
    • Topics: 84
    • Replies: 32
    • ☆☆

    According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors,
    which is the correct accounting treatment to be adopted by a company reporting
    under IFRS?
    ?? Changes in accounting estimates and errors should both be accounted for
    retrospectively
    ?? Changes in accounting estimates and errors should both be accounted for
    prospectively
    ?? Changes in accounting estimates should be accounted for retrospectively and errors
    accounted for prospectively
    ?? Changes in accounting estimates should be accounted for prospectively and errors
    accounted for retrospectively

    BPP KIT question 186

    why correct answer has been selected D I think that correct answer is B

    May 16, 2022 at 8:18 pm #655843
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6158
    • ☆☆☆☆☆

    Hi,

    The answer is correct. For changes in estimate we change in the current period and future periods, i.e. prospectively. We do not go back and look to restate any prior year figures.

    Thanks

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