Prior Period Adjustments
- According to APB Opinion No. 9, what were prior period adjustments?
- What criteria had to be met in order for an item to be classified as a prior period adjustment?
- Were prior period adjustments expected to numerous?
- What were some examples of prior period adjustments under Opinion No. 9?
- If a prior period adjustment were recognized in a period, how was it to be reported in the financial statements?
- Why was FAS Statement No. 16 issued? How did it modify APB Opinion No. 9?
- There are only two items that are to be treated as prior period adjustments under Statement 16. What are they?
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