[ledgermaven]

It looks like these are the same things with different names. Restatement is for correction of an error, and retroactive is for change in accounting principle or change of entity. Is there any other difference?

Thanks…

[Yvonne570]

Retroactive approach is correcting the F/S back. Restatement is a correcting entry. Accounting errors require this approach to correct the prior statements.

Prospective approach is an accounting change that is not an error, such as change in principle from one GAAP measure to another GAAP measure, which the change is made moving forward.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[ledgermaven]

Thanks Yvonne570

[Author]

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