标题: change in accounting estimates [打印本页] 作者: draz 时间: 2013-4-4 06:44 标题: change in accounting estimates
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?作者: btcapital 时间: 2013-4-4 06:48
@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.作者: spartan1 时间: 2013-4-4 06:50
Yeah I came across that question too and it made me scratch my head…let me know if you find out the reason作者: andytrader 时间: 2013-4-4 06:52
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.
