AICPA每日一练之FAR【2016-1-31】

高顿网校2016-01-29 10:10Lynn.yu
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Presenting consolidated financial statements this year while statements of individual companies were presented last year is

A. An accounting change that should be reported prospectively.

B. An accounting change that should be reported by restating the financial statements of all prior periods presented.

C. Not an accounting change.

D. A correction of an error.

Answer:B

B is corrent because per ASC Topic 250, accounting changes that result from a change in the business entity should be reflected in financial statements that are restated.

A is incorrect because only changes in accounting estimates should be accounted for prospectively per ASC Topic 250.

C is incorrect because presenting consolidated statements when statements of individual companies have been presented previously is a change in accounting entity, which is considered an accounting change.

D is incorrect because there would not be a correction of an error unless the financial statements ought to have been consolidated in previous years when the statements of individual companies were presented.

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