Exceptions exist in the retrospective restatement requirements when accounting for errors under

A) I
B) II
C) III
D) IV

Question

Exceptions exist in the retrospective restatement requirements when accounting for errors under

A) I 
B) II 
C) III 
D) IV

Quizplus · Accepted Answer

The exception exists under the following circumstances: (I) Prior period financial statements were presented in a foreign GAAP or U.S. GAAP, (II) The error was due to a change in accounting principle in the current year, (III) The change was accounted for as a change in accounting principle or (IV) The change was accounted for prospectively. Therefore, only statement II is correct.

Exceptions Exist in the Retrospective Restatement Requirements When Accounting for Errors