Accounting changes and errorsPage 2Typical 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
Accounting changes and errorsPage 3Executive 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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