When a Company Makes a Change in an Accounting Principle

question 38

Multiple Choice

When a company makes a change in an accounting principle, IFRS additionally requires a company to report ________.

• A) three years of all financial statements
• B) two years of all financial statements
• C) two years of balance sheets and two years of income statements
• D) three years of balance sheets and two years of other financial statements

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Definitions:

Relational Issues

Concerns or problems that arise within interpersonal relationships, often related to communication, trust, or compatibility.

Identity

The way an individual perceives themselves, often influenced by personal, social, and cultural factors.

Urgency

The quality or state of requiring immediate attention or action.

Relationship Goals

Objectives or desired outcomes that individuals aim to achieve within their interpersonal relationships.