Exceptions exist in the retrospective restatement requirements when accounting for errors under $\begin{array}{lll}
&\text { GAAP }&\text { IFRS }\
\text { I. } & \text { No } & \text { No } \
\text { II. } & \text { No } & \text { Yes } \
\text { III. } & \text { Yes } & \text { Yes }\
\text { IV. } & \text { Yes } &\text { No }
\end{array}$

A)I
B)II
C)III
D)IV

Question

Exceptions exist in the retrospective restatement requirements when accounting for errors under $\begin{array}{lll}
&\text { GAAP }&\text { IFRS }\
\text { I. } & \text { No } & \text { No } \
\text { II. } & \text { No } & \text { Yes } \
\text { III. } & \text { Yes } & \text { Yes }\
\text { IV. } & \text { Yes } &\text { No } 
\end{array}$

A)I
B)II
C)III
D)IV

Quizplus · Accepted Answer

The exceptions to retrospective restatement requirements are stated in paragraph 42 of ASC 250-10-S99-5, which includes exceptions for immaterial errors, certain errors related to prior periods that are impractical to determine, and certain changes in accounting principle that are impractical to determine.

Exceptions Exist in the Retrospective Restatement Requirements When Accounting for Errors