Prior Period Adjustment Question

Question 1

1) what are changes in depreciable assets?

2) what are changes from unaccepted principle to accepted principle?

Answer 1

1) changes in depreciable assets are changes in estimates. They affect only current and future periods, not prior periods., not Retained Earnings.
2) changes from unaccepted principle to accepted principle is an example of a prior period that should be reported by adjusting beginning RE of the earliest year presented If the year of the error is not presented or by fixing the error in the prior year, if presented.