Answer: The correct answer is d. Accounted for in current and future periods
Explanation: A change in accounting estimate is an adjustment of the carrying amount of an asset or liability, or related expense, resulting from reassessing the expected future benefits and obligations associated with that asset or liability. Some examples include changes in provision for bad debt and changes in useful life of an asset.
Financial years of companies are closed at the end of the financial year of the company. As such any change in accounting estimate has to be made or accounted for in the current period or future period as the case maybe.
It is worthy of note that changes in accounting estimates are not considered as accounting errors or extraordinary items.