Exam IIA-CIA-Part3 Topic 5 Question 512 Discussion

Actual exam question for IIA's IIA-CIA-Part3 exam
Question #: 512
Topic #: 5
Because changes in accounting estimates relate to changes in circumstances in the [List A] period, they should be reported [List B]_ List A List B:

Suggested Answer: B Vote an answer

Changes in accounting estimates arise as new events occur, as more experience is obtained, or as additional evidence is acquired. A change should be reported in the period in which it occurs, as well as prospectively if future periods are effected. Retroactive reporting is impracticable because of it would result in continual adjustments of prior years' financial statements.

by Gloria at Jun 04, 2026, 12:25 AM

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