Describe the various approaches required by current GAAP standards for reporting changes in accounting principles? Discuss how

Question:

Describe the various approaches required by current GAAP standards for reporting changes in accounting principles? Discuss how these approaches may be impacted by the adoption of new IFRS standards.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...