Question: We report most changes in accounting principle retrospectively
We report most changes in accounting principle retrospectively. Describe this general way of recording and reporting changes in accounting principle.
Answer to relevant QuestionsLynch Corporation changes from the sum-of-the-years'-digits method of depreciation for existing assets to the straight-line method. How should the change be reported? Explain.For financial reporting, a reporting entity can be a single company, or it can be a group of companies that reports a single set of financial statements. When changes occur that cause the financial statements to be those of ...With regard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $18 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2007. Due to rapid ...Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:1. Reporting most changes in accounting principle.2. ...
Post your question