select whether in your opinion the statement is : True,False or of unclear veracify. Justify& explain...
select whether in your opinion the statement is : True,False or of unclear veracify. Justify& explain the reasoning for your opinion. Please outline the relevant international accounting regulations on those issues in your answer.
In IAS 8 the procedures for a change in accounting estimate involve restating the prior year figures, whilst a change in accounting policy does not. An example of a change in accounting estimate is switching the method of depreciation.
Homework Answers
According to IAS 8, change in accounting policy requires restatement of prior year figures.
Change in accounting estimates shall be recognised prospectively.
So the given statement is FALSE.
An example of change in accounting policy is change in method of depreciation and change in method of accounting estimate is changing useful life or residual value of an asset.
So the given statement in question is FALSE.
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