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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How does the accounting for an indirect effect of a change in accounting principle differ between IFRS and U.S. GAAP?

To determine

Indicate the difference between the accounting treatment of an indirect change in accounting principle under GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards).

Explanation

Indirect effects of a change in accounting principle: This the amount by which the income of a company of a previous period is affected due to effect of change in accounting principle on the other elements of income...

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