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In the accounting industry, there are many changes that occur within financial reporting including changes in Accounting principals and estimates. A change in accounting principle is defined as: "A change from one generally accepted accounting principle to another generally accepted accounting principle." To be more exact it is a change in how financial information is calculated, where the method of inventory pricing changes from FIFO to average-cost by choice or when the current principle used is no longer generally accepted. Changes in accounting principles can include inventory valuation or revenue recognition where changes are made with retrospective adjustments and the financial statements are restated. By altering the method of accounting principal a company must recast the prior years' income numbers under the newly adopted method in the financial statement. To continue, a change in accounting estimates is defined as "a normal recurring correction or adjustment of an asset or liability which is the natural result of the use of an estimate." Accountants use estimates in their reports when it is impractical to provide exact numbers therefore, there are many corrections that are made to provide more accurate estimations. In the financial statement, a company accounts for such changes in estimates in the period of change if they affect only that period or in the period of change and future periods if the change affects both. Unlike with changes in accounting principals, companies do not handle changes in estimates retrospectively and it does not require the restatement of earlier financial statements. It is a good thing to note that changes in estimates are not considered errors.