Double checking random fact

Hey guys, it’ll be a bit troublesome to search this one fact. Correct or not correct: Retrospective statement changes are for change in accounting standards. Prospective statement changes are for changes in accounting assumptions by management

Changes to accounting standard and fixing errors are retrospective. Changes in assumptions are prospective. You are correct.

this is correct. Except under US GAAP, you are not required to do retrospective statement change for changing from FIFO to LIFO

Are assumptions only inclusive of inventory and asset depr or something else?

From pg 2009 annual report: Estimates are used in accounting for, among other items, consumer and trade promotion accruals, pensions, post-employment benefits, stock options, valuation of acquired intangible assets, useful lives for depreciation and amortization, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and long-lived assets, deferred tax assets, uncertain income tax positions and contingencies. Edit: I think you should call it estimates, assumptions in accounting are rather: accrual basis, consistency and going concern.