Retrospective application requires treating new accounting policies as if always applied, with limited impracticability exceptions.

Accounting policies are the principles, bases, conventions, rules and practices used to prepare financial statements; accounting estimates are monetary amounts subject to measurement uncertainty. Prior period errors are omissions or misstatements from failure to use, or misuse of, reliable information available when prior statements were approved, including mathematical mistakes, policy application errors, oversights, misinterpretations and fraud. Retrospective application treats a new policy as if always applied; retrospective restatement corrects prior amounts as if an error never occurred. Application or restatement is impracticable where effects are not determinable, require assumptions about past management intent, or require significant estimates lacking objectively available historical evidence.

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