{"id":8773,"date":"2015-07-03T06:33:05","date_gmt":"2015-07-03T04:33:05","guid":{"rendered":"http:\/\/www.officetodo.com\/public\/?p=8773"},"modified":"2015-06-27T06:33:39","modified_gmt":"2015-06-27T04:33:39","slug":"changes-in-accounting-principles","status":"publish","type":"post","link":"http:\/\/www.officetodo.com\/public\/changes-in-accounting-principles\/","title":{"rendered":"Changes in accounting principles"},"content":{"rendered":"<p>As a general background, accounting principles are what you select for your company as a framework based on which you start recording your accounting entries, reporting on your results. The question one might have is whether accounting principles once chosen can be changed and I don\u2019t mean changed entirely like you\u2019d change from your local accounting principles to international ones for instance, but if the accounting framework you\u2019ve applied gives you a chance to choose between accounting treatments for certain areas.\u00a0<!--more--><\/p>\n<p>The short and simple answer is that \u2018yes, it\u2019s allowed\u2019. Changes in accounting treatments are allowed if the new method gives a truer and fair view of the area in question or is representing the information more accurate.<\/p>\n<p>Another thing to remember with changes in accounting policies comes down to how often such things should be done. Once you\u2019ve chosen a certain method for this specific area, it\u2019s to be used consistently. A change is something that should occur rarely and it should be thought through carefully. Once a change is made, this new method is to be applied consistently again.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a general background, accounting principles are what you select for your company as a framework based on which you start recording your accounting entries, reporting on your results. The question one might have is whether accounting principles once chosen can be changed and I don\u2019t mean changed entirely like you\u2019d change from your local [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77],"tags":[],"class_list":["post-8773","post","type-post","status-publish","format-standard","hentry","category-4-7-general"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/8773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=8773"}],"version-history":[{"count":1,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/8773\/revisions"}],"predecessor-version":[{"id":8774,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/8773\/revisions\/8774"}],"wp:attachment":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=8773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=8773"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=8773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}