Time is an important resource that each company treasures and attempts to change into a reward. When choosing document management software program, be aware of a clutterless and user-friendly interface that empowers customers. DocHub offers cutting-edge features to optimize your document administration and transforms your PDF editing into a matter of one click. Replace Demanded Field from the Accounting Contract with DocHub in order to save a lot of efforts and boost your productivity.
Make PDF editing an simple and intuitive operation that helps save you plenty of precious time. Effortlessly adjust your documents and give them for signing without switching to third-party software. Concentrate on relevant tasks and enhance your document administration with DocHub starting today.
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