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In this tutorial, the speaker explains how to account for changes in accounting estimates. Estimations are crucial in accounting, as managers must predict factors like bad debt, the useful life and salvage value of assets, and warranty liabilities. Since estimates can be incorrect, adjustments and revisions are necessary. The video introduces prospective application, a method where mistakes are corrected without restating prior financial statements. For example, if the useful life of an asset changes from 16 to 20 years, the new depreciation amount is calculated and applied going forward, ensuring accurate future financial reporting.
