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draz

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tT
发表于 2013-4-4 06:44 | 只看该作者

change in accounting estimates

accounting, principles, specific
this is the answer in QBANK:
Changes in asset lives and salvage value are changes in accounting estimates and no specific disclosures are required.
I thought changes in both accounting estimates and principles needs disclosure, am i right?
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btcapital

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2#
发表于 2013-4-4 06:48 | 只看该作者
@njlevel10610: they didn’t specify material or nonmaterial in the question.
i didn’t get the part where you said ‘A change TO LIFO from any other inventory cost flow assumptions, even though is a change in accounting principle’, do they mention it in the CFAI Book? i just went through study notes and don’t remember seeing this.

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spartan1

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3#
发表于 2013-4-4 06:50 | 只看该作者
Yeah I came across that question too and it made me scratch my head…let me know if you find out the reason

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andytrader

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4#
发表于 2013-4-4 06:52 | 只看该作者
I know this from taking the CPA exam and also from an intermediate accounting book.
Also, it’s listed on pg 406 in the CFAI FRA book.

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