If it becomes impracticable to use retrospective application for a change in accounting principle, a company should prospectively apply the new accounting principle.

Name: If it becomes impracticable to use retrospective application for a change in accounting principle, a company should prospectively apply the new accounting principle.
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Question

Quizplus · Accepted Answer

When retrospective application is impracticable, the company should apply the new accounting principle prospectively as of the earliest date practicable.

If It Becomes Impracticable to Use Retrospective Application for a Change