change in accounting principle

change in accounting principle definition - business

change in accounting principle

Converting from one accounting principle to another. For example, a firm may change inventory valuation from first-in, first-out, to last-in, first-out when accounting for cost of goods sold.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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