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Why is the retrospective approach conceptually appropriate for changes in accounting policy?
Planning Assumption
An assumption about the future on which a business plan is based. The assumption must be reflected in the firm’s financial projections by calculating the specific financial statement figures it implies.
Financial Statement
A formal record of the financial activities and position of a business, person, or other entity, typically detailed in an income statement, a balance sheet, and a statement of cash flows.
Strategic Plans
Long-term, forward-looking approaches and plans created by organizations to achieve major goals and objectives.
Potential Investors
Individuals or entities that are capable of allocating capital in the form of investments, considering opportunities with potential for financial return.
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