Question: Identify the true statement regarding changes in accounting principles. They are allowed when new principles are preferable to old principles. They are only reported

Identify the true statement regarding changes in accounting principles. They are allowed

Identify the true statement regarding changes in accounting principles. They are allowed when new principles are preferable to old principles. They are only reported in the current period. They should be used to improve the financial position of the company. They are not reported retroactively.

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