CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting And Reporting (FAR) Exam

Under IAS 8, a change from the FIFO to the weighted-average cost formula for measuring inventories is treated as:

A change in accounting estimate, applied prospectively A change in accounting policy, applied retrospectively A correction of a prior-period error, restated retrospectively A reclassification with no effect on prior periods

Correct Answer:

A change in accounting policy, applied retrospectively

Access more questions from this quiz

Continue to CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam for more practice questions and the full quiz experience.

Access More Questions