Changes in accounting principle may be handled prospectively if insufficient information is available to properly account for the change.

Name: Changes in accounting principle may be handled prospectively if insufficient information is available to properly account for the change.
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

If insufficient information is available to apply a change in accounting principle retrospectively, it may be applied prospectively according to accounting standards.

Changes in Accounting Principle May Be Handled Prospectively If Insufficient