Question
How is a change in accounting principle treated compared with a change in accounting estimate?
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Answer
Principle changes are retrospective; estimate changes are prospective.
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Question
If a company changes an accounting estimate, are prior-period statements restated?
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Answer
No, estimate changes are applied prospectively.
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Question
How should unusual or infrequent items be presented under IFRS and US GAAP?
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Answer
Within continuing operations, but separately disclosed.
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