IIA-CIA-Part3 Exam Dumps | An entity changes its method of accounting for depreciation during the current year because it believes

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Question 130

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Question 130/152

An entity changes its method of accounting for depreciation during the current year because it believes that the result will be reliable and more relevant information. In its financial statements for the year, how should the entity report the adjustment resulting from the change in accounting policy if the practicability criterion is met?

A. Not disclosed in the financial statements.

B. Reported as an adjustment to beginning retained earnings of the earliest period presented.

C. Disclosed as a separate type of depreciation expense, directly following depreciation expense for the current year.

D. Included in the determination of profit or loss for the current period as a cumulative effect adjustment.

Correct Answer: B

Under IAS 8, Accounting Policies, Changes in Estimates and Accounting Errors, a voluntary change in accounting policy should be applied retrospectively unless any resulting adjustment that relates to prior periods is not reasonably determinable. Thus, if it is not impracticable to apply the new policy retroactively, the policy should be applied to comparative information as far back as practicable. The entity should determine the cumulative effect on the opening and closing balance sheets for the earliest period for which it is practicable to do so.

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