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| Gaffney uses IFRS to prepare its financial statements. During year 4, Gaffney voluntarily changes its accounting method because the new method will provide more reliable and relevant information. Gaffney can estimate the effects of the change. How should Gaffney treat the change in accounting principle? A. By restating the financial statements. B. On a retrospective basis. C. On a prospective basis. D. By a cumulative adjustment on the income statement. |