Change in accounting policy, accounting estimate and error

Home > Preview

The flashcards below were created by user yhliuaa on FreezingBlue Flashcards.


  1. Change in accounting policy- compulsory
    Follow specific transitional provisions
  2. Change in accounting policy- voluntary
    • Apply to change retrospectively
    • Adjust the opening balance of equity
    • Adjust a comparative amount
  3. Change an accounting estimate requires
    Adjustment of the carrying amount
  4. When it is difficult to distinguish a change in accounting policy and a change in accounting estimate, the change is treated as
    A change in accounting estimate
  5. change in accounting estimate - treatment and disclosures
    • Does not relate to prior period
    • Recognize prospectively
    • disClose the Nature and amount of change in accounting estimate that affect current period and future period
  6. Accounting error - treatment and disclosures
    • Correct material prior period retrospectively in the first set of financial statements authorised for issue after their discovery
    • restate prior period Comparative amount
    • Disclose the nature and amount of prior period error

Card Set Information

Author:
yhliuaa
ID:
326972
Filename:
Change in accounting policy, accounting estimate and error
Updated:
2016-12-18 07:49:41
Tags:
Change accounting policy estimate error
Folders:

Description:
Change in accounting policy, accounting estimate and error
Show Answers:

Home > Flashcards > Print Preview