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Sfas 154: Accounting Changes And Error Corrections., Robert Bloom, Jayne Fuglister
Sfas 154: Accounting Changes And Error Corrections., Robert Bloom, Jayne Fuglister
Robert Bloom
The article discusses provisions under the Statement of Financial Accounting Standards 154 (SFAS 154), Accounting Changes and Error Corrections. SFAS 154 calls for retrospective application for voluntary changes in accounting principle. It uses the term restatement to refer to revision of previously issued financial statements to correct an error. In a significant change from existing practice, SFAS 154 requires that changes in depreciation, amortization, or depletion methods will now be viewed as changes in estimate that are effected by a change in accounting principle.