I have issued reviewed financial statements. After that was done, the client decided to get Cost Seg. studies done so that we could amend the tax returns and make a 481 adjustment and carry the loss back 5 years because of the new rules.
I am not quite sure what I need to do for the issued financial statements for a change in accounting method.
The original financials don't have an error.
I don't think any of these rules for reissuing apply:
Change in Accounting Principle;
Change in Accounting Estimates;
Change in Reporting Entity; and
Correction of an Error in Previously Issued Financial Statements.
The change is certainly material. But it was not an error.
So what does one do? I don't know why nothing is jumping out in the PPC book.
Thank you!