A change in accounting estimate is

Multiple Choice

• None of these

• Reflected in current and future financial statements and also requires modification of past statements

• Both reflected only in current and future financial statements and a change in a calculated amount used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment

• Reflected only in current and future financial statements

• A change in a calculated amount used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment