Describe a change in reporting and discuss its accounting treatment and its required disclosures
What will be an ideal response?
Answer: A change in reporting entity occurs when a company presents consolidated or combined statements in the current year that are not the same companies as in prior years. Changes in reporting entity are always retrospectively reported. In the year of change, the disclosures required include the nature of the change and the reason for the change. The firm must disclose the effects on income from continuing operations, net income, other comprehensive income, and related per share amounts for all periods presented.
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Indicate whether the statement is true or false