Most, but not all, changes in accounting principle are reported using the retrospective approach.

Name: Most, but not all, changes in accounting principle are reported using the retrospective approach.
Brand: Quizplus
Rating: 4.7 (45 reviews)

Question

Quizplus · Accepted Answer

The retrospective approach is the most commonly used approach for changes in accounting principle, but not all changes are reported this way. Some changes may be reported using the prospective approach or a modified retrospective approach.

Most, but Not All, Changes in Accounting Principle Are Reported