Quiz 20.104 – Accounting Changes and Standards
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which accounting change is specific to U.S. GAAP rather than IFRS?
Which accounting change is specific to U.S. GAAP rather than IFRS?
Which of the following accounting changes is more commonly associated with financial statements prepared according to U.S. GAAP as opposed to International Financial Reporting Standards (IFRS)?
What is true about correcting errors in previously issued financial statements prepared according to IFRS?
What is the rule under International Financial Reporting Standards (IFRS) regarding the correction of errors in financial statements that have already been issued?
Match each phrase with its corresponding terminology, prospective approach, disclosure note, etc…
Match each phrase with its corresponding terminology, changes in accounting estimates, cumulative effect adjustment to income statement, etc…
For publicly traded corporations, which of the following changes is classified as a change in accounting principle?
ature. (CPR: Change in principle reported retrospectively, CPP: Change in principle reported prospectively, CES: Change in estimate, CRE: Change in reporting entity, PPA: Prior period adjustment required)
What can be sacrificed when a change in accounting principle is reported?
What is the most important responsibility when any type of accounting change occurs?