A change in accounting estimate is

Multiple Choice

Reflected only in current and future financial statements

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

Reflected in both current and future financial statements, and a change in a calculated amount is used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment

None of the choices are correct