Correcting the recognition, measurement and disclosure of amounts of financial statement elements as if a prior period error had never occurred is known as:

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Retrospective restatement involves correcting the financial statements to reflect the correct recognition, measurement, and disclosure of amounts as if a prior period error had never occurred. This can involve adjusting comparative periods to ensure consistency and accuracy in financial reporting. Historical restatement refers to the restatement of financial statements to reflect prior period changes. Retrospective application also refers to applying a new accounting principle to prior periods, but it is not necessarily related to correcting errors. Prior period application is not a commonly used accounting term.

Correcting the Recognition, Measurement and Disclosure of Amounts of Financial