ICSAN Financial Accounting Practice Questions - ICSAN Professional Programme I - Financial Accounting Exam

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How does IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors require a change in depreciation method to be treated?

As a change in accounting policy, requiring retrospective application by restating prior periods As a change in accounting estimate, requiring prospective application in current and future periods As a prior period error, requiring retrospective restatement of opening balances As a change in accounting policy, requiring prospective application only

Correct Answer:

As a change in accounting estimate, requiring prospective application in current and future periods

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