1. If significant changes are made in the accounting principles applied from one period to the next, why should the effect of these changes be disclosed in the financial statements?
2. A corporation reports earnings per share of $1.38 for the most recent year and $1.10 for the preceding year. The $1.38 includes a $0.45-per-share gain from insurance proceeds related to a fully depreciated asset that was destroyed by fire. a. Should the composition of the $1.38 be disclosed in the financial reports? b. On the basis of the limited information presented, would you conclude that operations had improved or declined?
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