If a company learns new information in 2018 that affects certain estimates it made when it published its 2017 financial statements, it should use the new information to restate the 2017 financial results.

Question

Quizplus · Accepted Answer

The company would not typically restate the 2017 financial results with new information learned in 2018. Instead, it would reflect the impact of the new information in the financial statements of the period during which the new information was obtained, unless the new information is about conditions that existed at the date of the balance sheet being reported on.

If a Company Learns New Information in 2018 That Affects