Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options Knowledge Check 01Match 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 the1.change and future periods only.Financial statements issued prior to the change are adjusted to reflect the impact of the2.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 at3.the beginning of the adoption period is adjusted.

The question is related to the Accounting Approches.

Answered: Can you help me with the match terms,…

Business

Accounting

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

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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Question

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.

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