Both IFRS and U.S. GAAP allow that if determining the effect of a change in accounting principle is considered impracticable, then a company should report the effect of the change in the period in which it believes it practicable to do so.

Question

Quizplus · Accepted Answer

Both IFRS and U.S. GAAP allow for reporting the effect of a change in accounting principle in a later period if it is impracticable to determine the effect at the time of the change.