Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options
Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options
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
Transcribed Image Text:Knowledge Check 01
Match the term and the definition.
TERM
DEFINITION
Accounting change is applied only to the adoption period with adjustment of the balance of retained earnings at the
beginning of the adoption period to capture the cumulative effects of prior periods.
1.
Financial statements issued in previous years are revised to reflect the impact of an accounting change whenever those
2.
statements are presented again for comparative purposes.
No adjustment is made to the beginning account balances; instead, the old method is simply
3.
discontinued and the new method applied from then on.
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