Provide an example of an accounting estimate and explain how a change in your estimate could occur. What action does IAS 8 require when such a change occurs?
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Title: Provide an example of an accounting estimate and explain how a change in your estimate could occur. What action does IAS 8 require when such a change occurs?

Essay Details:

Subject: Miscellaneous
Author: Paula B
Date: June 15, 2016
Level: University
Grade: A
Length: 1 / 296

Essay text:

But because at times it is hard to distinguish between an accounting estimate and an accounting policy, the change is considered an accounting estimate. (IASB) The IAS 8 required that to recognized the change the change should be recognized prospectively by including it in the profit and loss in the period of the change if the change affects that period only. As with the example of bad debt it will affect the current period of the entity as current sales will be affected by the provision for bad debt. Another requirement of the IAS 8 is that if the change gives a rise to a change in assets it shall be recognized by adjusting the carrying amount of the related cost...

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