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What is the theoretical accounting treatment in each case

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Reference no: EM133050569

Question - Explain the most important differences between the change in accounting policies and the change in accounting estimates in terms of the following aspects.

1. Define each term separately

2. Three examples of each term

3. What are the reasons that justify changing the accounting policy and changing accounting estimates?

4. What is the theoretical accounting treatment in each case?

5. In the event that the accountant treats the change in the useful life as a change in policies, what effect will this have on all the financial statements.

Reference no: EM133050569

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