What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively? How do these changes affect the financial statements? Why do accountants make errors? What types of errors may occur? Why is it necessary to correct them? What are the ramifications of not correcting errors? What are some examples of counterbalancing errors? What are some examples of noncounterbalancing errors? What are the differences between counterbalancing and noncounterbalancing errors? How are each handled? Does it matter if the books are closed Explain why or why not. Identify and describe the approach the FASB requires for reporting changes in accounting principles.
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