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"FASB rules allow for the changing of different methods of accounting, with no penalties, such as going from straight-line depreciation to...
"FASB rules allow for the changing of different methods of accounting, with no penalties, such as going from straight-line depreciation to accelerated depreciation; or, LIFO to FIFO inventory valuing. These are conscious and intentional acts on the part of the Company. However, what happens when the Company unknowlingly and intentionally is using an accounting method that is not recognized and approved, then discovers this fact and changes to an approved accounting mehtod. Does the FASB allow the Company to do this, or is there some type of punishment to the Company for doing this?around 300 words.
