Which of the following is not a part of applying the current and prospective approach in accounting for a change in an estimate?
A) Report current and future financial statements on a new basis.
B) Restate prior period financial statements.
C) Disclose in the year of change the effect on net income and earnings per share data for that period only.
D) Make no adjustments to current period opening balances for purposes of catch-up.

Question

Quizplus · Accepted Answer

Restating prior period financial statements is not part of applying the current and prospective approach for a change in estimate. This approach only affects financial statements from the point of change forward, without altering previously issued financial statements.

Which of the Following Is Not a Part of Applying