chapter 4 - accounting policies

The exercise was created 2024-09-15 by Makizon. Question count: 5.

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  • How will the accounting be affected if the company needs to apply a change in accounting policy retrospectively? The present and previous year will be changed
  • Which are the situations where a company can choose to change an accounting policy? A new standard is issued or an IFRIC interpretation
  • Changes in accounting estimated can only be accounted for prospectively, what does that mean? It will affect the current and future periods
  • What are the three accounting standards that permits no choice for accounting policy treatments in the standards? Intangible assets, Inventory, Provisions, contingent liabilities, contingent assets. Property, plant, equipment are not included
  • If a company voluntarily changes an accounting policy, what information must they present? The reason why the new policy will provide more reliable and reliant information

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