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1. Explain the retrospective application of a change in accounting policy. 2. Explain the limitation of retrospective application of a change in accounting policy. 3.

1. Explain the retrospective application of a change in accounting policy.

2. Explain the limitation of retrospective application of a change in accounting policy.

3. What is prospective application of a change in accounting policy?

4. Explain the adoption of an accounting policy in the absence of an accounting standard.

5. What is a change in reporting entity?

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