The 3 type of Accounting Changes: Principle, Estimates and Errors. www.farhatlectures.com/courses

In this session, I covered changes in accounting principle, changes in accounting estimates and corrections of accounting errors
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[@labcdel4384]

Thanks for all these new and updated intermediate accounting videos. Very helpful for my accounting journey. Keep up the good work and Im looking forward to the other videos on intermediate accounting.

[@monikagoyal9775]

change from FIFO to LIFO is change in accounting estimate plus change in accounting principle, change from LIFO to FIFO is change in accounting principle.

[@AccountingLectures]

Most welcome. Please connect with me: linktr.ee/farhatlectures

[@saddestdayever1276]

I can't wait to take the CPA exam, Professor Farhat!

[@AccountingLectures]

I will be here for you. Please check my website for more: ✅farhatlectures.com/

[@DB-hf7di]

so change of estimate is prospective and accounting change and error correction are retrospective. So, is the retro adj's the same for accounting changes and error corrections in that they both restate prior periods and adjust the beginning RE's?

[@jyotisharma-fq4tu]

Hello sir, i just enrolled in cpa course but i am finding issues in multiple choice questions. I am using gleim software. Please suggest me what to do

[@AccountingLectures]

Email me: [e-mail].

[@Saadbaa]

In case of error why not restate all Periods presented and adjust RE a of the first period presented?

[@AccountingLectures]

Because you are adjusting any period after the "first period" therefore you include the change in R/E for any prior periods. Please connect with me: linktr.ee/farhatlectures

[@devikar6512]

Why don't we adjust the cumulative effect of change ie, 80000 to the beginning retained earnings of 2025

[@sinanzubairt9356]

👍🏻

[@AccountingLectures]

Thank you and please visit the website for more farhatlectures.com/