In this discussion, please reflect on this weeks’ topics on changes in accounting principle, changes in reporting entity, and error correction. Explain how each of these are reported. Provide an examp

• Differentiate between the three types of accounting changes.
• Apply retrospective and prospective approaches to accounting changes.
• Analyze the process of identifying and correcting accounting errors.

In this discussion, please reflect on this weeks’ topics on changes in accounting principle, changes in reporting entity, and error correction. Explain how each of these are reported. Provide an example of a note to the financial statements of a public that provides disclosure for one of these topics. Research this topic using AI (Copilot or Chatgpt.com, for example) and present your findings. Include a summary of the topic, why you found the topic to be difficult, and what you learned after conducting the research.

Minimum: 250 words 

Minimum: at least 1 reference