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Which of the following is a true statement about accounting changes? a. When P changes investment accounting from the AFS to the equity method, P
Which of the following is a true statement about accounting changes? a. When P changes investment accounting from the AFS to the equity method, P must retroactively restate results from prior periods that are shown on a comparative basis. b. When P changes its depreciation method from MACRS to straight line, it must restate the financial statements from prior periods shown on a comparative basis c. when P changes its calculation of bad debt expense from .5% to 1% of credit sales, and must restate financial statements from a prior period that are shown on a comparative basis. d. If P discontinues consolidating Scompany after its ownership share drops below 50% it is not required to restate prior financial statements shown on a comparative basis
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