CPA Far Quiz
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FINANCIAL REPORTING
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A for-profit employer sponsors a defined benefit pension plan and updated actuarial assumptions during the current year due to demographic changes in its workforce (e.g., revised mortality and turnover assumptions). The change affects the projected benefit obligation measurement under FASB ASC 715 and is a change in estimate under ASC 250-10-45. How should the change in estimate be accounted for in the financial statements?
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