Current GAAP requires a company to account for a change in accounting estimate that impacts multiple periods during

A) the period of change
B) the period of change and future periods
C) the period of change and past periods
D) the period of change, past periods, and future periods

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting standards and procedures that companies must follow when they compile their financial statements.

Accounting Estimate

Approximations or judgments made by management when preparing financial statements, due to uncertainty in determining the exact amounts.

Multiple Periods

Refers to accounting or financial analysis over several time frames, such as quarters or years, to evaluate performance or investments.