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in this video Im gonna show you how to account for a change in accounting principle so a change in accounting principles when it company switches from one gap method to another gap method for example if a company said hey I dont want to use the percentage of completion method to account for construction contracts anymore we instead want to use the completed contract method that would be a change in accounting principle and you would account for it retrospectively which means you would go back and change the prior periods financial statements then youre also gonna make an adjustment to retained earnings which Im gonna show you in a moment you would do all of this unless its impracticable to do so in which case Im gonna have another video to show you what you would do then but lets jump into the basic change in accounting principle so the disclosures are gonna be the nature of the change for example were switching from weighted average cost method of inventory to FIFO the reason