12.A company has made a material change to an accounting policy in preparing its current financial statements. Which of the following disclosures are required by IAS 8 Accounting policies, changes in accounting estimates and errors in the financial statements?1 The reasons for the change.2 The amount of the adjustment in the current period and in comparative information for prior periods.3 An estimate of the effect of the change on the next five accounting periods.

• 1 and 2 only
• 1 and 3 only
• 2 and 3 only
• 1, 2 and 3
• None of the above

Answer rating: 100% (QA)

1 2 and 3 IAS 8 Accounting Policies Changes in Accounting Estim... View the full answer