A change in accounting principle that is implemented using the modified retrospective approach Includes: Multiple Choice Implementing the change in the current period only and not adjusting for the cumulative effects on prior periods. applying the new standard to the adoption period only, and recording the cumulative adjustment for prior periods to the current period's beginning balance of retained earnings. restating financial statements of all periods presented as if the new standard had been used in those periods. not accounting for the change in the current period or prior periods