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Accounting for Changes and Errors in Reporting

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Accounting for Changes and Errors in Reporting

Category: Coursework

Subcategory: Accounting

Level: College

Pages: 1

Words: 275

Institution Affiliation
TO: Conor and Martin
FROM: Accountant
DATE: 25 July 2018
The accounting department of any organization should have a set of standards. This helps in avoiding errors. The accounting aspects of every department need to be reported appropriately to the respective stakeholders. This makes financial reporting a crucial task in organizations. Financial reports consist of financial statements, annual reports, prospectus and managerial analysis. CMC expansion into the global market needs a lot of preparation. The most important aspect is the financial reporting standards. Making changes in accounting in order to be efficient is important.
Accounting changes may include the accounting principle change, estimate change and reporting entity change. Change in the accounting principle involves the change from one accounting principle to another. An estimate change occurs when additional information is obtained. Accounting changes are normal scenarios in business. However, any changes need to be reported immediately. Companies are not allowed to make any changes to previous financial statements. The changes should be applied retrospectively. The presented financial statements should also show the accounting principle change. When making a change in the accounting principle, CMC has to consider a few things. Once a new accounting principle is implemented, it does not affect or change other tra…

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