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5 Cards in this Set
- Front
- Back
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What are the three type of Accounting Changes?
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1.Changes in accounting principle
2.Change in accounting estimate 3.Change in reporting entity |
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Give an example of a change in accounting principle?
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FIFI to LiFO
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Give an example of a change in accounting estimate?
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change in the estimate of the useful life of an depreciable asset
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Give an example in a change in a reporting entity?
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changing subsidiaries.
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What other category causes accounting changes?
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Errors in Financial Statements, not classified as an accounting change.
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