All of the following would be reported retrospectively by restating prior period's financial results except for a
A) change from the completed-contract method to the percentage-of-completion method for long-term construction contracts
B) correction of an error in previous periods
C) change from LIFO to FIFO
D) change from the straight-line depreciation method to the sum-of-the-years'-digits method

Question

Quizplus · Accepted Answer

A change in depreciation method is considered a change in accounting estimate, which is applied prospectively, not retrospectively.

All of the Following Would Be Reported Retrospectively by Restating