1. If a company that uses IFRS discovers an error but determines that it is impracticable to restate its financial statements for all prior periods, what alternatives does IFRS allow? How does this compare with U.S. GAAP? 2. How does the accounting for an indirect effect of a change in accounting principle differ between IFRS and U.S. GAAP?

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter15: Audit Reports For Financial Statement Audits
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1. If a company that uses IFRS discovers an error but determines that it is impracticable to restate its financial statements for all prior periods, what alternatives does IFRS allow? How does this compare with U.S. GAAP?

2. How does the accounting for an indirect effect of a change in accounting principle differ between IFRS and U.S. GAAP?

 

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