Professional Experts Help BAC306/05 Advanced Financial Accounting Assignment Answer

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Assignment Details: 

  • Referencing Styles: Open
  • Words/Pages: 4
  • Course Code: BAC306/05
  • Course Title: advanced financial accounting

Question 1

(a) A business entity is required to maintain the same accounting policies. However, the entity is permitted by MRFS 108 Accounting Policies, Changes in Accounting Estimates and Errors to change its accounting policies under two situations. Required: – Explain the two

(2) situations stated in MFRS 108. [2 marks]

(b) Discuss whether the changes in the useful life of the property, plant and equipment falls under “Changes in Accounting Policies”, “Changes in Accounting Estimates” or “Errors” as provided under MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors. [3 marks]

(c) Material omissions or misstatements in prior years required retrospective restatement of financial statements. Explain “retrospective restatement”