Prior period adjustment and change in acct principles

CFA Level I
#1

Hi Guys, Can some one explain the steps necessary in case of 1) Change of accting principle 2) Estimate 3) Prior period adjustments When do we make changes to retained earnings and when do we need to restate financial statements? THanks

#2

Could someone ans this. Thanks

#3

i’ll try to answer this so it helps with my review 1) change in acctng principle - restate and retained earnings adjusted net of tax 2) estimate - no restate needed, only disclosure required 3) prior period adjustments - no restate needed and retained earnings adjusted