Changing from an insupportable (bad faith)estimate to a supportable estimate is classified as a change in estimate.
Correct Answer:
Verified
Q109: Both IFRS and ASPE require note disclosures
Q110: Accounting changes reported by using the current
Q111: A change, for depreciation purposes, of either
Q112: The correction of an accounting error affecting
Q113: A change in accounting principle occurs when
Q115: A change in an estimate, which was
Q116: When an asset's residual value estimate is
Q117: Changes in estimates and prospectively-applied accounting policy
Q118: Accounting policy changes must always be handled
Q119: If a $1,000 purchase on credit last
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents