Restatements Pt. 1: Navigating Accounting Changes
In this episode, we discuss what constitutes a change in accounting principle and, even more importantly, what to do about them when you’re trying to close the books.
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Show Notes
GAAP isn’t set in stone. It’s dynamic, just like the business environment itself. So when there’s a change in accounting principles, you need to adapt to them. In this episode of Accounting Matters, Embarkers Adam Olsen, Zac Smith, and Nicole Harger discuss that process and what it means when you’re trying to close the books.
For more information on accounting changes, financial reporting, and related topics:
ASC 250—Accounting Changes and Error Corrections
10 Reasons Your Financial Reporting Is Too Slow Or Inaccurate
5 Struggles To Overcome Around Year-End Financial Reporting
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