change in accounting principle


A change in a basic accounting method used by a company. For example, a company may decide to change the method it uses to calculate depreciation or inventory. Such a change will be reflected in the current year's income statement, and it may require revision of statements from previous years.

Related Terms

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
change accounting change