Describe the three types of accounting changes.
Explain the three types of accounting changes.
Accounting changes: When a company requires to sacrifice the consistent accounting methods and procedures, to enhance the usefulness and relevance of the accounting information, those changes are referred to as accounting changes. Such inevitable accounting changes decrease the comparability and consistency of accounting information. The reasons for accounting changes could be new methods introduced by FASB (Financial Accounting Standards Board), changes in accounting principles, and changes in accounting estimates.
The following are the three types of accounting changes:
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Get SolutionsAccounting Information Systems
Financial And Managerial Accounting
Managerial Accounting: The Cornerstone of Business Decision-Making
Financial Accounting
College Accounting, Chapters 1-27
Financial & Managerial Accounting
Corporate Financial Accounting
Principles of Macroeconomics (MindTap Course List)
Management, Loose-Leaf Version
Contemporary Marketing
Brief Principles of Macroeconomics (MindTap Course List)
Principles of Economics (MindTap Course List)
Essentials of Business Communication (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Essentials of Economics (MindTap Course List)
MKTG 12:STUDENT ED.-TEXT
Accounting Information Systems
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Fundamentals of Financial Management (MindTap Course List)
Foundations of Business (MindTap Course List)
Accounting (Text Only)
College Accounting (Book Only): A Career Approach
Financial & Managerial Accounting
Financial Accounting
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Exploring Economics
Statistics for Business & Economics, Revised (MindTap Course List)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting (Book Only): A Career Approach
Fundamentals of Financial Management (MindTap Course List)
Pkg Acc Infor Systems MS VISIO CD
Principles of Macroeconomics (MindTap Course List)
Corporate Financial Accounting
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Survey of Accounting (Accounting I)
Macroeconomics
Practical Management Science
Economics (MindTap Course List)
Microeconomics
Cornerstones of Cost Management (Cornerstones Series)
Purchasing and Supply Chain Management
Economics For Today
Managerial Accounting
Cornerstones of Financial Accounting
Macroeconomics: Private and Public Choice (MindTap Course List)
Principles of Microeconomics
Microeconomics: Private and Public Choice (MindTap Course List)
Micro Economics For Today
Economics: Private and Public Choice (MindTap Course List)
Understanding Management (MindTap Course List)