Is there an indirect consequence to a change in accounting policy? Introduce the methodology for reporting the indirect consequences of a change in accounting policy under International Financial Reporting Standards (IFRS).

What are the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)? Do they have the similarities? Why?

Is accounting regulation here to stay? If so, why? If not, what event(s) do you thinkwould lead to the deregulation of accounting?

Which of the following is not one of the approaches for reporting accounting changes? The change approach. O The retrospective approach. The prospective approach. O All of these answer choices are approaches for reporting accounting changes.