Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
A balance sheet presented as at the beginning of the preceding period, required when a retrospective restatement or reclassification has a material effect.
Three balance sheet columns instead of two. An unusual sight and a completely reliable signal that something was restated, with the explaining note nearby.
Applying a new accounting policy, or correcting a prior-period error, as though it had always been in place — which means restating the comparative figures.
The comparative moves, the step is smoothed out and disclosed, and your series stays usable. It is also what triggers the third balance sheet.