- This topic has 1 reply, 2 voices, and was last updated 8 months ago by .
Viewing 2 posts - 1 through 2 (of 2 total)
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.
PQ Awards Nominations
Please help us to win one of the PQ Magazine awards and send in the voting form >>
You can nominate us in any or all of the following categories: Online College of the Year, Study Resource of the Year, Private Sector Lecturer of the Year, and Accountancy Personality of the Year.
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 8
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
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