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In this video, the tutorial explains how to account for a change in accounting principle, specifically when a company switches from one Generally Accepted Accounting Principles (GAAP) method to another. For instance, if a company changes from the percentage of completion method to the completed contract method for construction contracts, this constitutes a change in accounting principle. Such changes are accounted for retrospectively, meaning prior period financial statements must be revised. Adjustments to retained earnings are also necessary, unless it is impracticable to do so. The video highlights the importance of disclosing the nature of the change, such as switching inventory valuation methods, and providing the rationale behind it. Further details on impracticability will be discussed in a future video.
