The application of a new accounting policy to account for transactions, other events or conditions that did not occur previously or that were not material is an example of a change in accounting policies.
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Q12: The consistency principle dictates that once an
Q13: Because accounting is precise, accounting estimates are
Q14: The 'impracticability' criterion for exemption from changing
Q15: Discovery of misstatements due to fraud should
Q16: A change in accounting policy involves a
Q18: Changing economic environment may be a reason
Q19: When an entity applies a change in
Q20: When retrospective application is deemed impracticable, the
Q21: Explain retrospective application of a new accounting
Q22: If no specific IFRS applies to a
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