标题: Double checking random fact [打印本页] 作者: Spongebob 时间: 2011-7-13 16:32 标题: Double checking random fact
Hey guys, it'll be a bit troublesome to search this one fact.
Correct or not correct:
Retrospective statement changes are for change in accounting standards.
Prospective statement changes are for changes in accounting assumptions by management作者: kd26gioi 时间: 2011-7-13 16:32
Changes to accounting standard and fixing errors are retrospective.
Changes in assumptions are prospective.
You are correct.
Edited 1 time(s). Last edit at Tuesday, May 31, 2011 at 08:22PM by Matori.作者: soddy1979 时间: 2011-7-13 16:32
Are assumptions only inclusive of inventory and asset depr or something else?作者: hariRaj 时间: 2011-7-13 16:32
From pg 2009 annual report:
Estimates are used in accounting for, among other items, consumer and trade promotion accruals, pensions, post-employment benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and long-lived assets, deferred tax assets, uncertain income tax positions and contingencies.
Edit: I think you should call it estimates, assumptions in accounting are rather: accrual basis, consistency and going concern.
Edited 1 time(s). Last edit at Tuesday, May 31, 2011 at 08:40PM by dadalsky.
