Types of change:

Both change in acc principle and estimate

Change in Acc principle

Change in acc estimate

Change in classification

Change in tax accounting

Error Correction

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprise. Identify the type of change that is described in each item above and indicate whether the prior year's financial statements should be recast when presented in comparative form with the current year's financial statements. Should Prior Years' Statements Be