Change in Accounting Principle: Retrospective Method. CPA exam

[@vanshikawadhwani6119]

Plz explain with amounts what we would do in case x3 and x4 would have been presented.

[@rajatkakkar678]

Thank you so much sir 😊😊

[@AccountingLectures]

Most welcome! Thank you and please visit the website for more farhatlectures.com/

[@AG23054]

Thank you so much!!

[@AccountingLectures]

You're welcome! Thank you and please visit the website for more farhatlectures.com/

[@ladev91]

I'm a bit confused. So there are 2 ways to adjust retrospectively? One way you mentioned that you can go back and make changes to past statements while the other method is to adjust retained earnings for the current year. Am I understanding correctly?

[@ladev91]

After watching the video again, I see that a prior period adjustment is made only if you are presenting those periods. Now my question is, what do you mean by "presenting"?

[@AccountingLectures]

Presenting means showing. You can present (show) one year or present (show) several years.

[@ladev91]

@@AccountingLectures thank you very much.

[@vanshikawadhwani6119]

Anymore examples for practice?

[@AccountingLectures]

Please visit my website for more resources farhatlectures.com/

[@vikassaini000]

What if we are presenting x 2 x3 and X4 and changes takes place from X1 how will we present it ????

[@salebanhussein4315]

in Total in 20x4 last column is not 8000 instead its 16000 (20000-4000)