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In this video tutorial, the presenter explains how to account for changes in accounting estimates. Estimates play a crucial role in accounting, as managers must predict factors like bad debt, useful life, salvage value of assets, and warranty liabilities. Due to the nature of estimates, inaccuracies may arise, requiring adjustments and revisions. The method used for these adjustments is called prospective application, where the error is corrected moving forward without restating prior financial statements. For instance, if the useful life of a piece of equipment is revised from 16 years to 20 years, the new depreciation is calculated based on the updated estimate, and this revised amount is applied going forward.
