Question: When are accounting changes likely to be applied retrospectively (resulting in restatement of prior years financial statements), and when are they likely to be applied

  1. When are accounting changes likely to be applied retrospectively (resulting in restatement of prior years financial statements), and when are they likely to be applied prospectively?

  1. Also provide two examples of when there are or were retrospective application of accounting changes.
  2. Also provide two examples of when there are or were prospective application of accounting changes.

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