Current GAAP requires a company to account for a change in accounting estimate that impacts multiple periods during
A)the period of change
B)the period of change and future periods
C)the period of change and past periods
D)the period of change, past periods, and future periods

Question

Quizplus · Accepted Answer

Under current GAAP, a change in accounting estimate that affects multiple periods should be accounted for in the period of change and future periods. Past periods are not retrospectively adjusted.

Current GAAP Requires a Company to Account for a Change