What is statistical sampling?

Accounting treatment for change in accounting estimate.

A change in accounting estimates is an adjustment of the carrying amount of an asset or liability, or related expenses, resulting from reassessing the expected future benefits and obligations associated with the asset or liability.
Change in accounting estimates are not correction of errors.
The  effects of change in accounting estimates, shall be recognized prospectively (i.e from the date of change onward) by including it in the profit or loss in the period of the change and future periods, if necessary.

4 thoughts on “Accounting treatment for change in accounting estimate.”

Leave a Comment

Your email address will not be published. Required fields are marked *

%d bloggers like this: