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Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the financial statements for the current year of your business enterprises. Changes:
1. A change from the completed-contract method to the percentage-of-completion method of accounting for long-term construction-type contracts.
2. A change from deferring and amortizing preproduction costs to recording such costs as an expense when incurred because future benefits of the costs have become doubtful. The new accounting method was adopted in recognition of the change in estimated future benefits.
3. A change in the method of accounting for leases for tax purposes to conform with the financial accounting method. As a result, both deferred and current taxes payable changed substantially.
Instructions: Discuss the type of change that is described in each item above and indicate whether the prior year's financial statements should be recast when presented in comparative form with the current year's financial statements.
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The AICPA has the authority to set standards and make rules in all the following areas EXCEPT:
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