Change in the accounting principles: Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports. To indicate: The type of change and how DRS should report the change.

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Answer 1

Question

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

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Answer 2

Question

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Answer 6

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

Answer 7

Chapter 20, Problem 20.8BYP

(1)

To determine

Change in the accounting principles:

Change in the accounting principle means change in the accounting methods and accounting estimates. Change in the accounting principles impacts the financial statements of the company. All those impacts are disclosed in the current year reports.

To indicate: The type of change and how DRS should report the change.

Answer 8

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Answer 9

(2)

To determine

To disclose: Why should companies disclose the changes in accounting principles.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 20 - Prob. 20.1Q Ch. 20 - Prob. 20.2Q Ch. 20 - Prob. 20.3Q Ch. 20 - Lynch Corporation changes from the...Ch. 20 - Prob. 20.5Q Ch. 20 - Most changes in accounting principles are recorded...Ch. 20 - Prob. 20.7Q Ch. 20 - Prob. 20.8Q Ch. 20 - Its not easy sometimes to distinguish between a...Ch. 20 - For financial reporting, a reporting entity can be...

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To disclose: Why should companies disclose the changes in accounting principles.

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