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In this video tutorial, the presenter explains how to account for a change in accounting principle, specifically when a company shifts from one Generally Accepted Accounting Principles (GAAP) method to another, such as moving from the percentage of completion method to the completed contract method for construction contracts. Such a change must be accounted for retrospectively, meaning prior periods' financial statements need to be revised. Additionally, an adjustment to retained earnings is required unless it's impracticable to do so. The video will also cover the necessary disclosures, including the nature of the change and the reason for the transition, for instance, switching from the weighted average cost method of inventory to FIFO.
