Question
What treatment applies when prior records do not exist for a principle change?
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Answer
Apply prospectively from the earliest practicable date.
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Question
Why does a depreciation error require correction even after time has passed?
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Answer
It is non-counterbalancing and never self-corrects.
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Question
What is the impracticability exception for a principle change?
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Answer
Use prospective application from the earliest practicable date.
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Question
Why is a correction of an error treated differently from a legitimate accounting change?
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Answer
It corrects a mistake, not a new acceptable method.
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