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Chapter 4 — Presentation

4.4 Changes in Accounting Principle, Changes in Accounting Estimate, and Error Corrections

4.4 Changes in Accounting Principle, Changes in Accounting Estimate, and Error Corrections

Although the concepts and accounting treatment of (1) changes in accounting principle, (2) changes in accounting estimate, and (3) error corrections are similar under IFRS Accounting Standards and U.S. GAAP, the table below shows that there are some notable differences in terminology and disclosure requirements.