AASB 101 Requires That Accounting Policy Changes Be Disclosed in a Note

Multiple Choice

AASB 101 requires that accounting policy changes be disclosed in a note to the financial statements.A business bought new equipment and thought it would have a six-year useful life.After two years,the business decided that the equipment would be useful for only three more years.This would be considered a:

A) change in accounting estimate.
B) change in accounting policy.
C) recording error.
D) contingency.