With respect to a retrospectively applied change in accounting policy, the effects on prior years' income is treated as an adjustment to opening retained earnings.
Correct Answer:
Verified
Q101: A change in an accounting estimate should
Q102: On comparative financial statements, all errors must
Q103: Some changes in accounting principle must be
Q104: Accounting errors require the restatement of previous
Q105: When an accounting change is recorded and
Q107: With respect to the application of retrospective
Q108: A change from a non-GAAP procedure to
Q109: Both IFRS and ASPE require note disclosures
Q110: Accounting changes reported by using the current
Q111: A change, for depreciation purposes, of either
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents