Is the Following Exception Applicable to IFRS or U

question 24

Short Answer

Is the following exception applicable to IFRS or U.S. GAAP?"If determining the effect of a change in accounting principle is considered impracticable, then a company should report the effect of the change in the period in which it believes it practicable to do so."

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Definitions:

Quintile Distribution

A statistical measure used to divide a population into five equal groups based on a particular variable, such as income.

Income Share

The portion or percentage of national income or personal revenue received by an individual or group, often studied in the context of economic inequality.

Social Stratification

Refers to the way in which society is organized into layers based on wealth, power, and status.

Hierarchical Structure

An organizational system arranged in levels of importance or authority.