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In this video tutorial, the presenter explains how to account for a change in accounting principle, specifically when a company switches from one Generally Accepted Accounting Principles (GAAP) method to another, such as moving from the percentage of completion method to the completed contract method for construction contracts. This change requires retrospective application, meaning prior financial statements must be amended accordingly. Additionally, an adjustment to retained earnings is necessary, unless it is impracticable to do so, in which case a different approach will be discussed in a follow-up video. The tutorial will also cover the required disclosures, including the nature and reason for the change.
