a company chooses to change an accounting policy. this change requires that, if practical, the company restate its financial statements for:

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08-12-2022
Business

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a company chooses to change an accounting policy. this change requires that, if practical, the company restate its financial statements for:

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akursharma9034 akursharma9034 · Answer 1 · 2022-12-19T17:31:56+01:00

If a company adopts a new accounting principle, the financial statements for all fiscal years shown in the report are presented, to the extent practical, as if the new principle had been applied throughout the entire period. This retrospective application of the change makes the financial results of the company more accurate.

The U.S. Securities and Exchange Commission adopted the accounting standard known as Generally Accepted Accounting Principles. Although the SEC previously said that it intended to switch from U.S. GAAP to the International Financial Reporting Standards, progress has been slow and uncertain due to the latter standards' significant differences from GAAP. The two sets of standards would "continue to coexist" for the foreseeable future, the SEC stated more recently that there is no longer a desire to convert more U.S. corporations to IFRS. Extensible Business Reporting Language (XBRL) publications of U.S. GAAP were made available by the Financial Accounting Standards Board starting in 2008.

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