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Can you help me with the match terms, please? Thank u :) Modified retrospective app

Can you help me with the match terms, please? Thank u :) Modified retrospective app

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options

Knowledge Check 01 Match each approach to reporting an accounting change with its description. The effects of the change are reflected in the financial statements of the period of the 1. change and future periods only. Financial statements issued prior to the change are adjusted to reflect the impact of the 2. change whenever those statements are presented again for comparative purposes. The new standard is applied only to the adoption period and balance of retained earnings at 3. the beginning of the adoption period is adjusted.
Transcribed Image Text:Knowledge Check 01 Match each approach to reporting an accounting change with its description. The effects of the change are reflected in the financial statements of the period of the 1. change and future periods only. Financial statements issued prior to the change are adjusted to reflect the impact of the 2. change whenever those statements are presented again for comparative purposes. The new standard is applied only to the adoption period and balance of retained earnings at 3. the beginning of the adoption period is adjusted.
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