Accounting_changes_and_errors_slides

Accounting_changes_and_errors_slides - Accounting changes...

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Accounting changes and errors
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Accounting changes and errors Page 2 Typical coverage of US GAAP Adoption of a new accounting standard Change in accounting policy Change in accounting estimate Correction of errors Change in reporting entity Disclosures
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Accounting changes and errors Page 3 Executive summary Both IFRS and US GAAP have similar recognition treatment for accounting changes, changes in estimates and corrections of errors. The required disclosures are also similar. IFRS provides an exception if it is impractical to restate financial statements for a correction of an error. US GAAP requires all material errors to be corrected by restating, and does not provide an impractical exception.
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