Accounting · Financial Reporting
An infrastructure company is contemplating changing the way in which it measures progress towards the completion of a certain type of contract. The company would like to adopt the 'output method' based on surveyors' reports instead of the existing 'input method'. How will the change from the input method to the output method be accounted for in the financial statements in accordance with IFRS 15?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is a change in accounting estimate with prospective application✓
- 2It is a change in accounting estimate with retrospective application
- 3It is a change in accounting policy with prospective application
- 4It is a change in accounting policy with retrospective application
Correct answer
It is a change in accounting estimate with prospective application
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