6 1 discussion article review quot reporting accounting changes and their multi period effects quot
Accountants are responsible for ensuring alignment with various standards, including GAAP and IFRS, as well as satisfying the needs of various other users of financial statements (and potentially others, depending on the nature of the business they work for.) The article Reporting Accounting Changes and Their Multi-period Effects discusses why firms are not required to disclose information for years subsequent to a change, even when the impacts of the change span multiple years. Review the article and discuss the following, providing examples to support your ideas:
- Should companies be expected to report the impact of changes expected in subsequent years, especially if they have multiperiod impacts? Why or why not?
- Would multiperiod disclosure of accounting changes be useful to investors and other users? Why or why not?
In your responses to classmates, take the perspective of an investor and discuss what you would want to know. Would multiperiod disclosure help you as an investor?
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