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In this video tutorial, the speaker explains how to account for a change in accounting principle, specifically when a company transitions from one GAAP method to another, such as switching from the percentage of completion method to the completed contract method for construction contracts. This change is accounted for retrospectively, meaning prior financial statements must be revised. Additionally, adjustments to retained earnings are necessary unless it is impracticable to do so, in which case a separate video will address the alternative approach. The video also discusses required disclosures, including the nature and reason for the change, such as moving from the weighted average cost method of inventory to FIFO.
