When a company changes an accounting principle, it should not adjust any assets or liabilities.

Name: When a company changes an accounting principle, it should not adjust any assets or liabilities.
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When a company changes an accounting principle, it is often required to adjust assets or liabilities retrospectively to ensure that the financial statements present a consistent basis of accounting across periods, unless it is impracticable to determine the effects of the change.

When a Company Changes an Accounting Principle, It Should Not