Accounting Changes and Error Corrections

What disclosure is required for a change in estimate affecting future periods?

The current-period income and per-share effect.

What must management show for a voluntary change in principle?

That the new principle is preferable.

What is the accounting treatment for a prior-period error found later?

Adjust beginning retained earnings and restate comparatives.

How do reporting entity changes affect prior periods?

They are restated as if the entity always existed.