Why would an accounting estimate change

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Reference no: EM132892222

Accounting policies and other disclosures Comprehension questions

1. Why would an accounting estimate change and how is the change accounted for?

2. What is a prior period error? How and when is it corrected?

3. What is the difference between ‘retrospective application' and ‘retrospective restatement'?

4. Outline the concept of materiality as it applies to financial reporting.

5. Explain the difference between adjusting and non-adjusting events occurring after the end of the reporting period. Describe the difference in the way such events impact on the preparation of financial statements.

Reference no: EM132892222

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