Transcription of ACCOUNTING CHANGES AND ERROR CORRECTIONS
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ACCOUNTING CHANGES AND ERROR CORRECTIONS
ACCOUNTING CHANGES ANDERROR CORRECTIONSC ontentsINTRODUCTION 1 ACCOUNTING CHANGES 2 ERROR CORRECTIONS 4 RECLASSIFICATIONS 8 OTHER CONSIDERATIONS 9 IntroductionThe financial markets depend on high quality financial reporting A fundamental pillar of high quality public financial reporting is reliable, comparable financial statements that are free from material misstatement ACCOUNTING CHANGES and errors in previously filed financial statements can affect the comparability of financial statements In
mathematical mistakes, mistakes in the application of generally accepted accounting principles (GAAP), or oversight or misuse of facts that existed at the time the financial statements were prepared.” Accordingly, a change in an accounting policy from one that is not generally accepted by GAAP to one that is generally
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