2 years ago

When financial statements are revised to reflect the impact of a change in accounting principle, the ______ approach is used.

1 answer:

7 0

When financial statements are revised to reflect the impact of a change in accounting principle, the <u>retrospective </u>approach is used.

<h3>What is financial statement?</h3>

Financial statement is use to record a company financial position as well as day to day operation or activities.

Hence, retrospective approach are often used in a situation where financial statements are revised so as to reflect the impact of a change in accounting principle.

Learn more about Financial statement here:brainly.com/question/22941895

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