There are different types of accounting changes - Change in Accounting Principle, Change in Accounting Estimate, Change in Reporting Entity. Some accounting changes are handled using a retrospective approach and others are accounted for using a prospective approach. Required 1. Describe the type of accounting changes that are accounted for retrospectively and the type of accounting changes that are accounted for prospectively. Give an example of each. 2. The correction of an error is not an accounting change but accounted for in a similar manner. Describe how to account for an error correction by providing an example of one