The Effect of a Revision of an Accounting Estimate Must

Multiple Choice

The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods?

A) In the present, prior (by adjusting retained earnings) and future periods affected.
B) In the present and future periods affected.
C) In the present and prior reporting periods (by adjusting retained earnings) .
D) Revisions to accounting estimates should not be recognised in any period.
E) None of the given answers.