Implementing change in accounting

Assignment Help Accounting Basics

Reference no: EM1359373

Hello, Can you provide direction with the below questions:

1) Explain briefly the difference between those two methods of applying an accounting change.

First give a definition of the two types of applications and then answering this question: If I were going to switch depreciation methods from straight line to double declining balance, explain, in general terms, how I would handle this (apply the effect of the change) if I did it retrospectively versus prospectively.

2) After you have given the definitions and then described how a change from SL to DDB would be handled retrospectively and then how such a change would be handled prospectively, then for this particular change (SL to DDB depreciation) what does GAAP require, i.e., what is the proper way to handle a change from SL to DDB - retrospectively or prospectively?

Reference no: EM1359373

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