Prospective adjustments are expected to
A)impact financial statements of only previous years
B)impact financial statements of previous years and current years as if the accounting principle had always been used
C)produce no impact on the financial statements of previous years
D)impact the financial statements of the current year only

Question

Quizplus · Accepted Answer

Prospective adjustments are applied to the current and future periods only, without altering past financial statements.

Prospective Adjustments Are Expected to