Multiple Choice
Disadvantages of using the retrospective application method do not include which of the following?
A) Numbers must be changed on previously released financial statements.
B) The cost of determining the effect of the change may be greater than the benefits obtained from the increase in comparability.
C) It has possible impacts on contractual arrangements.
D) All financial statements consistently apply the same revenue recognition principles.
Correct Answer:
Verified
Correct Answer:
Verified
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