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USCPA每日一练之FAR【2015-10-14】

高顿网校2015-10-14 09:56Lynn.yu
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　　Taffney uses IFRS to prepare its financial statements. During year 4, Taffney voluntarily changes its accounting method because the new method will provide more reliable and relevant information. Taffney can estimate the effects of the change. How should Taffney treat the change in accounting principle?

　　A. By restating the financial statements.

　　B. On a retrospective basis.

　　C. On a prospective basis.

　　D. By a cumulative adjustment on the income statement.

　　Answer:B

　　B is corrent because IFRS requires changes in accounting principles to be reported by giving retrospective application to the earliest period presented.

　　A is incorrect because restatement is required for errors in the financial statements.

　　C is incorrect because a change in accounting principle can only be reported on a prospective basis if it is impracticable to determine the effects of the change.

　　D is incorrect because cumulative adjustments on the income statement are not permitted.

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