Summarizing FASB Concepts

E 20-6 FASB codification research

● LO2

Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for accounting for each of the following items:

1.

Reporting most changes in accounting principle.

2.

Disclosure requirements for a change in accounting principle.

3.

Illustration of the application of a retrospective change in the method of accounting for inventory.