A change in accounting principle that is implemented using the modified retrospective approach includes:

Multiple Choice

not accounting for the change in the current perlod or prior perlods.

Implementing the change in the current period only and not adjusting for the cumulative effects on prior periods.

restating financlal statements of all perlods presented as if the new standard had been used in those perlods. $$

${\displaystyle \underset{\phantom{}}{\overset{\phantom{}}{}}}log$

applying the new standard to the adoption period only, and recording the cumulative adjustment for prior periods to the current perlod's beginning balance of retained earnings.