Companies are allowed to depart from the requirement that a change in accounting principle be reported retrospectively

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Companies are allowed to depart from the requirement that a change in accounting principle be reported retrospectively when: (Select all that apply.)

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a) disclosure is made of the impact of the choice not to apply the change to the amounts reported in the financial statements.

b) it is impracticable to determine some period-specific effects.

c) it is impracticable to determine the cumulative effect of prior years.

d) the prospective approach is mandated by authoritative accounting literature

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470873991

IFRS Edition

Authors: kieso, weygandt and warfield.

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Posted Date: Nov 12, 2019 02:28 AM

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Companies are allowed to depart from the requirement that a change in accounting principle be reported retrospectively

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The correct answers are a c and d Option a is correct ... View the full answer

Intermediate Accounting

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