Chapter 20: accounting changes and error corrections When are accounting changes likely to be applied retrospectively (resulting in restatement of prior years' financial statements), and when are they likely to be applied prospectively? 1. Provide two examples of when there are or were retrospective application of accounting changes. a. b. Provide two examples of when there are or were prospective application of accounting changes. f 23 2278 Words English (US) Focus+132 F1