Reference no: EM133070153

Question -

1) Differentiate among the three types of accounting changes and distinguish between the retrospective and prospective approaches to accounting for and reporting accounting changes. Why are these changes important to record?

2) Describe the four-step process of correcting and reporting errors, regardless of the type of error or the timing of its discovery.  Explain how this process would work for a change in depreciation method on fixed assets.

3) Describe the situations that constitute a change in reporting entity. Why are these changes necessary for accurate reporting?

4) Qualified pension plans offer important tax benefits.  What is the special tax treatment and what qualifies a pension plan for these benefits?

5) What is a vested benefit obligation?

6) Differentiate between the accumulated benefit obligation and the projected benefit obligation.