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    What is a change in accounting principle? How do you determi

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    What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively? How do these changes affect the financial statements?

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    What is a change in accounting principle?

    - A change in accounting principle includes a basic change of the company's accounting treatment. Examples include changes in depreciation methods, or changes in percentage of completion to completed contract method in recognizing income and expenses.

    How do you determine if a change in principle should be reported ...

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    What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively? How do these changes affect the financial statements?

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