Changes in A/c

Question 1

change in a/c estimate

Answer 1

due to new info so affects the future
disclose nature n amount of change
not sure about future estimates

Question 2

change in a/c policy

Answer 2

IAS1: This affects the past as well as it’ll prolly provide better info for past too
ASPE can’t change unless super good reason to do so
IFRS only if:
change will result in more reliable or relevant info OR
change is required by standard

Question 3

correction of prior period error

Answer 3

based on info available at that time

Question 4

retrospective

Answer 4

past statements are adjusted too