Retrospective changes require all but which of the following?
A) restatement of financial statements to reflect the effects of the change for each period presented
B) adjustments to assets and liabilities to reflect the cumulative effect of the change on periods prior to those presented
C) detailed numerical comparisons of all prior periods to restated statements
D) retained earnings restated for the cumulative effect of the change on income for periods prior to those presented

Question

Quizplus · Accepted Answer

Retrospective changes do not require detailed numerical comparisons of all prior periods to restated statements; they require restatement of financial statements, adjustments to assets and liabilities, and restatement of retained earnings.

Retrospective Changes Require All but Which of the Following