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.
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Answer:
Cash Flow. Cash flow has always been a concern for accountants, but it is becoming a top priority. ...
Staff Bandwidth. ...
Financial Reporting. ...
Lack of Automation. ...
Tax Law Changes. ...
Big-Budget Team. ...
Regulatory Changes. ...
New Accounting Standards.
Explanation:
Heat is the use of energy
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