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Which change in accounting principle that is implemented

Assignment Help Accounting Basics
Reference no: EM132820000

Problem 1: A change in accounting principle that is implemented using the retrospective approach includes:

a. Not accounting for the change in the current period or prior periods

b. Restating financial statements of all periods presented as if the new standard had been used in those periods

c. Implementing the change in the current period only and not adjusting for the cumulative effects on prior periods

d. Applying the new standard to the adoption period only and recording the cumulative adjustment for prior periods to the beginning balance of retained earnings

Reference no: EM132820000

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