Learning objectives (with links to notes embedded)

• LO9-01: Differentiate among the three types of accounting changes and distinguish among the retrospective, modified retrospective, and prospective approaches to accounting for and reporting changes.

• LO9-02: Describe how changes in accounting typically are reported.

• LO9-03: Explain how and why some changes in accounting principle are reported prospectively.

• LO9-04: Explain how and why changes and estimates are reported prospectively.

• LO9-05: Describe the situations that constitute a change in reporting entity.

• LO9-06: Understand and apply the four-step process of reporting errors, regardless of the type of error or the timing of its discovery.

• LO9-07: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and error corrections.