What Must Be Disclosed When Making a Retrospective Adjustment

Question

Examlex · Accepted Answer

The Answer is 1) Nature and reason for the accounting principle change including the explanation as to why the new principle is preferable over the old method.
2) The prior period information being affected by the retrospective adjustment.
3) Effect of the change on income, earnings per share, and any other financial statement line items being retrospectively adjusted.
4) The cumulative effect of the change on retained earnings at the beginning of the earliest period presented.

What Must Be Disclosed When Making a Retrospective Adjustment

Essay

Correct Answer:
Verified

What Must Be Disclosed When Making a Retrospective Adjustment

Essay

Correct Answer:VerifiedShow Answer

Correct Answer:
Verified