Question: Explain how and why some changes in accounting principle are reported prospectively. Explain how and why changes in estimates are reported prospectively Describe the situations

Explain how and why some changes in accounting principle are reported prospectively.

Explain how and why changes in estimates are reported prospectively

Describe the situations that constitute a change in reporting entity.

Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error correction

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