Change in reporting entity occurs

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Reference no: EM131990825

1. Which of the following does not properly state the reporting requirements when a change in reporting entity occurs?

Comparative financial statements for prior years must be restated to reflect the new reporting entity as if it had been inexistence during all the years presented.

Comparative financial statements for the prior year only must be restated to reflect the new reporting entity.

The effect of the change on income before extraordinary items, net income and other comprehensive income must be restated.

Per share amounts must be disclosed for all periods presented.

2. Which of the following disclosures is not required by ASC Topic 606 guidance for revenue recognition?

Explanation of significant changes in contract assets and liabilities.

Beginning and ending balances of contract assets and liabilities.

Amount of revenue recognized in the current period that was included in the beginning contract liability balance.

Financial stability of major customers.

Reference no: EM131990825

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