Answer
The collective effect of this shift should be reported as variation to initial retained earnings.
Work Step by Step
For comparison basis, the statements of previous years may have to be adjusted.
Intermediate Accounting 14th Edition
by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.
Published by
Wiley
ISBN 10:
0470587237
ISBN 13:
978-0-47058-723-2
Chapter 4 - Income Statement and Related Information - Questions - Page 187: 16f
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