Time is an important resource that each company treasures and attempts to convert into a advantage. When choosing document management software program, be aware of a clutterless and user-friendly interface that empowers users. DocHub provides cutting-edge tools to enhance your file managing and transforms your PDF editing into a matter of one click. Replace Advanced Field into the Accounting Contract with DocHub to save a ton of efforts and boost your productivity.
Make PDF editing an easy and intuitive operation that helps save you a lot of valuable time. Effortlessly modify your documents and give them for signing without turning to third-party options. Focus on pertinent duties and improve your file managing with DocHub right now.
In this video tutorial, the presenter explains how to account for a change in accounting principle, specifically when a company transitions from one Generally Accepted Accounting Principles (GAAP) method to another. An example provided is a company switching from the percentage of completion method to the completed contract method for construction contracts. This change requires retrospective accounting, meaning prior financial statements need to be revised. Additionally, adjustments must be made to retained earnings. The video emphasizes that this process should be followed unless it is impracticable. The presenter also mentions the importance of disclosing the nature of the change, such as switching from the weighted average cost method of inventory to FIFO, along with the reasons for the change.
