Where an accounting estimate has been revised materially the item is:
A)to be accounted for retrospectively;
B)not required to be recognised in the current period;
C)to be accounted prospectively;
D)to be adjusted in the comparative numbers of previous periods.

Question

Quizplus · Accepted Answer

When an accounting estimate is revised materially, it is accounted for prospectively, meaning the change affects the current and future periods, not past periods.

Where an Accounting Estimate Has Been Revised Materially the Item