Which type of accounting change should always be accounted for in current and future periods?

Question

Quizplus · Accepted Answer

A change in accounting estimate should always be accounted for in current and future periods as it reflects a change in the accounting policies used by the company, which affects the reporting of its financial statements. Correction of an error, change in accounting principle, and change in inventory costing methods may also have an impact on current and future periods, but not necessarily in all cases.

Which Type of Accounting Change Should Always Be Accounted for in Current