Which of the following items is reported only in current and future periods?
A) Prior period adjustment
B) Change in estimate
C) Change in accounting principle
D) Effects of changing prices

Question

Quizplus · Accepted Answer

A prior period adjustment and a change in accounting principle both have retrospective effects, meaning they are reported in prior periods. The effects of changing prices are adjusted for through inflation accounting, so they do not only impact current and future periods. A change in estimate only affects current and future periods, as it is a revision of an estimate made previously.

Which of the Following Items Is Reported Only in Current