Changes in Accounting Principle

Changes in Accounting Principle - Permissible when...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Changes in Accounting Principle Principle used in the current year is different from one used in the preceding year. Example - change from FIFO to average cost.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Permissible when management can show new principle is preferable. Most changes are reported retroactively....
View Full Document

Ask a homework question - tutors are online