Time is a vital resource that each organization treasures and attempts to convert in a gain. When selecting document management application, be aware of a clutterless and user-friendly interface that empowers users. DocHub provides cutting-edge instruments to optimize your file managing and transforms your PDF editing into a matter of a single click. Replace Demanded Field to the Accounting Contract with DocHub to save a ton of time and boost your productiveness.
Make PDF editing an simple and intuitive operation that will save you a lot of precious time. Easily change your documents and give them for signing without having looking at third-party software. Give attention to relevant duties and improve your file managing with DocHub 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