All of the following would be reported retrospectively by restating prior period's financial results except for a
A)change from the completed-contract method to the percentage-of-completion method for long-term construction contracts
B)correction of an error in previous periods
C)change to the full cost method (from the successful efforts method)for the extractive industry
D)change from the straight-line depreciation method to the sum-of-the-years'-digits method

Question

Quizplus · Accepted Answer

The change from straight-line to sum-of-the-years'-digits depreciation method would be reported prospectively, meaning only future financial statements would be affected. The other options would require restatement of prior period's financial results.

All of the Following Would Be Reported Retrospectively by Restating