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This video tutorial explains how to account for a change in accounting principle, such as a company switching from one Generally Accepted Accounting Principles (GAAP) method to another, like moving from the percentage of completion method to the completed contract method for construction contracts. Such changes are accounted for retrospectively, meaning prior period financial statements must be adjusted. An adjustment to retained earnings will also be necessary unless it’s impractical to do so, in which case a separate video will provide guidance. The video will detail the necessary disclosures, including the nature of the change (e.g., switching from the weighted average cost method to FIFO) and the reason for the change.
