Accounting changes: Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period). Accounting change can be classified as: Changes in accounting principle. Changes in estimate. Changes in reporting entity. To discuss: The actions considered towards softening the wrong issues.

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Answer 1

Question

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Expert Solution & Answer

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Answer 2

Question

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Expert Solution & Answer

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See solution

Answer 3

Question

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Answer 6

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

Answer 7

Chapter 20, Problem 20.3DMP

(1)

To determine

Accounting changes:

Accounting changes can be implemented as retrospectively (revision in prior period statements) or prospectively (change in current and future periods) or by modified retrospective approach (affect a new standard only to the implementation period).

Accounting change can be classified as:

Changes in accounting principle.

Changes in estimate.

Changes in reporting entity.

To discuss: The actions considered towards softening the wrong issues.

Answer 8

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Answer 9

(2)

To determine

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 20 - Prob. 20.1Q Ch. 20 - There are three basic accounting approaches to...Ch. 20 - Prob. 20.3Q Ch. 20 - Lynch Corporation changes from the...Ch. 20 - Sugarbaker Designs Inc. changed from the FIFO...Ch. 20 - Most changes in accounting principles are recorded...Ch. 20 - Southeast Steel, Inc., changed from the FIFO...Ch. 20 - Prob. 20.8Q Ch. 20 - Its not easy sometimes to distinguish between a...Ch. 20 - For financial reporting, a reporting entity can be...

Solution Summary: The author explains that accounting changes can be implemented retrospectively or prospectively, or by modified retrospective approach. They discuss the ethical dilemma and the likely impact of following up on thoughts of Person J.

To identify: The ethical dilemma and the likely impact of following up on thoughts of Person J and the persons who would be benefited and injured.

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Chapter 20 Solutions