Firms account for changes in estimates, such as for depreciable lives, uncollectible accounts, or warranty cost, prospectively, in current and future periods' earnings.
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Q24: IFRS permits firms to remeasure property, plant,
Q25: U.S.GAAP and IFRS require firms to account
Q26: Accrual accounting requires frequent, ongoing changes in
Q27: If practical, firms account for voluntary changes
Q28: The FASB and the IASB are reconsidering
Q30: Ideally, financial reporting standards should flow from
Q31: Recent changes in the financial reporting environment
Q32: U.S.GAAP and IFRS do not require firms
Q33: IFRS defines market as net realizable value,
Q34: Firms account for material errors in previously
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