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Funding a business
Retrospective application of a change in accounting policy
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[QUOTE="Yakub02, post: 307337, member: 94426"] The Periodic effect mentioned is very common in practice. So also there are cumulative effect Cumulative effect It might be impracticable to determine the cumulative effect, at the beginning of the current period, of applying a new accounting policy to all prior periods, In this case a company must adjust the comparative information to apply the new accounting policy prospectively from the earliest date practicable. When the cumulative effect of applying the policy to all prior periods cannot be determined, a company must apply the new policy prospectively from the start of the earliest period practicable. This means that it would disregard the portion of the cumulative adjustment to assets, liabilities and equity arising before that date. [/QUOTE]
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