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Which of the following describes the modified retrospective approach to implementing a change in accounting principle? The new standard is applied only to the current
- Which of the following describes the modified retrospective approach to implementing a change in accounting principle?
- The new standard is applied only to the current period and all future periods, and the cumulative effects of prior periods is shown as an adjustment to retained earnings.
- The new standard is applied to all periods presented in the financial statements.
- The new standard is applied only to current period and all future periods.
- The new standard is applied only to all future periods and not the current or previous periods.
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