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Why is retrospective treatment of a change in accounting

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Reference no: EM132950030

Problem 1: The company changed its deprecation method from straight line method to the double declining balance method. Which should be reported?

a. Prior period error

b. An accounting change that should be reported currently and propectively

c. Cumulative effect of change in accounting policy

d. Proforma effect of retroactive application

Problem 2: Why is retrospective treatment of a change in accounting estimate in prohibited?

a. Retrospective treatment of change in accounting estimate is prohibited uunder existing standard.

b. The retrospective treatment for any type of presentation is not allowed

c. Change in accounting estimate is a normal recurring of adjustment which is natural result of the accounting process

d. The existing standard does not prohibit retrospective treatment of change in accounting estimate but is silent on the issue.

Reference no: EM132950030

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