alleryStart learning →Adopting a policy for transactions that did not occur earlier is
ANot a change in policy
BA prior period item
CAn estimate revision
DAn extraordinary item
Answer & Solution
Correct answer: A. Not a change in policy
A policy for events that did not occur previously, or were immaterial, is not a change of policy.
Keep practising AS 5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
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