Which of the following items represent a change in accounting policy, requiring retrospective restatement of financial statements

Question:

Which of the following items represent a change in accounting policy, requiring retrospective restatement of financial statements and note disclosure explaining the change:

a. Change in approach to revenue recognition

b. Change in inventory costing method

c. Both a) and b)

d. Change in warranty accruals

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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