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Concept explainers
Retrospective Approach
Retrospective approach is a new method which is applied at all the time in the financial statements. It is an approach which is represented as if these changes have been occurred since previous years’ financial statements, and it’s in use for a long time.
Change in accounting principle
A change in accounting principle is said to be a change in a format used, like using different
Change in estimate
Change in estimate refers to a change where the new information influences the companies to update the previously made estimates.
To Determine: whether retrospective restatement usually appropriate for a change in accounting principle or accounting estimate.
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Chapter 20 Solutions
LooseLeaf Intermediate Accounting w/ Annual Report; Connect Access Card
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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