Easily Replace Comments from the Accounting Contract

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How to Replace Comments from the Accounting Contract

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In this video tutorial, the speaker explains how to account for a change in accounting principle, particularly when a company switches from one GAAP method to another, such as moving from the percentage of completion method to the completed contract method for construction contracts. This change is accounted for retrospectively, meaning prior period financial statements must be revised. An adjustment to retained earnings is also required unless doing so is impracticable, which will be addressed in a future video. Key disclosures necessary for reporting this change include the nature of the change, such as switching inventory methods from weighted average cost to FIFO, along with the reasons for the change.

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What is a contractual modification?

A contract modification (mod) is any written change by the contracting officer to the contract terms and conditions. A mod can be issued at any time after the contract is awarded.

Can a contract be modified without consideration?

A contract, either oral or written, may be modified by a subsequent agreement which is supported by legally sufficient consideration, or a substitute therefor, and meets the requirements for contract formation.

Under what circumstances must a company account for a contract modification as a new contract?

A company accounts for a contract modification as a new contract if both of the following conditions are satisfied: The promised goods or services are district (i.e., the company sells them separately and they are not interdependent with other goods and services), and.

What is the rule for contract modification?

A modification of contract is any change, in part or whole, occurring to a legally binding agreement between two or more parties. Any contract can be modified before or after signing the agreement, but all parties must agree to the changes. If any party doesnt agree to the modification, the changes are invalid.

Which conditions should be presented to account for a contract modification as a separate contract?

2, a modification is accounted for as a separate contract only if distinct goods or services are added to the contract for a price equal to standalone selling price (adjusted for contract-specific circumstances).

What is an example of contract modification IFRS 15?

IFRS 15 example sale of a product After 150 units have been delivered, the contract is modified to require the delivery of an additional 50 units (ie 250 in total). At the modification date, the stand-alone selling price of one unit of the product has fallen to 75.

How do you account for contract modifications?

A contract modification that only affects the transaction price is either accounted for prospectively or on a cumulative catch-up basis. It is accounted for prospectively if the remaining goods or services are distinct. There is a cumulative catch-up if the remaining goods or services are not distinct.

Does modification of a contract require new consideration?

Under common law, a party to a contract needs new consideration -- something of legal value -- to modify a contract. The party obtains new consideration by negotiating with the other party to change the consideration on both sides of the contract.

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Replace Comments from the Accounting Contract