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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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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