Retrospective restatement usually is not used for a:
A) Change in accounting estimate.
B) Change in accounting principle.
C) Change in entity.
D) Correction of error.

Question

Quizplus · Accepted Answer

Retrospective restatement is not typically used for a change in accounting estimate because estimates are inherently forward-looking and based on the best information available at the time. Changes in estimates are accounted for in the period of change and future periods, not retrospectively.

Retrospective Restatement Usually Is Not Used for A