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A change in accounting often occurs in practices because practices that once applied to a previous situation may no longer apply to the current situation and therefore must change. One type of accounting change is called a change in accounting principle. A change in accounting principle is when a company changes from one generally accepted accounting principles (GAAP) with another GAAP. A company is allowed to change principles if they can show that the new principle is preferable than the previous one.An example of this is when a company changes its method of inventory pricing like from LIFO (Last-In-First-Out)to FIFO (First-In-First-Out) because they found that using LIFO would help better represent their inventory pricing.In this example, the company changes from one GAAP (LIFO) to another GAAP (FIFO). If the company were to change from a practice that was not under GAAP to a practice that's under GAAP, that would not be considered a change in accounting principle but instead be labeled as a correction of an error. When a change in accounting principle occurs, the company must make retrospective adjustments to the financial statements. These adjustments reshape the previous years' statement with the principle that replaced the old one. Another type of accounting change is called a change in accounting estimate. A change in accounting estimate is a change that occurs when the result of new information or additional experience is acquired. An example of a change in accounting estimate is when the estimate of useful lives of property needs to change because new information came in that increase the estimation.Unlike the change in accounting principle, the company reports a change in accounting estimate prospectively. This means that they account for the changed based if it affects only that period or a different period or both.