NAB CORE And RCAL Financial Practice Exam

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Under IAS 8, a change in the estimated useful life of an item of property, plant and equipment from 10 years to 8 years is:

Recognised prospectively in the current and future periods Recognised retrospectively by restating comparatives Treated as a prior-period error Recognised directly in other comprehensive income

Correct Answer:

Recognised prospectively in the current and future periods

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