Which of the following would not be accounted for using the retrospective approach?
A)A change from LIFO to FIFO inventory costing.
B)A change from the completed contract method to the percent-of-completion method for long-term construction contracts.
C)A change in depreciation methods.
D)A change from the full cost method in the oil industry.

Question

Quizplus · Accepted Answer

A change in depreciation methods is accounted for using the prospective approach, not the retrospective approach.

Which of the Following Would Not Be Accounted for Using