An accounting change is a change in (1) an accounting principle, (2) an accounting estimate, or (3) the reporting entity. The correction of an error in previously issued financial statements is not an accounting change. FASB ASC 250-10-20

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Financial Accountability is the obligation to explain one’s actions or to justify what one does. Accountability is one of the primary objectives of financial reporting. It is information about how management discharged its stewardship responsibility to owners or to the citizenry regarding the use of resources entrusted to it. “Accountability requires governments to answer to […]

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