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Get the free PERIOD CHANGE OF ACCCOUNTING 990 Form 1/1/13 OMB No 15450047 TO 6/30/2013 Return of ...

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PERIOD CHANGE OF ACCOUNTING 990 Form 1/1/13 OMB No 15450047 TO 6/30/2013 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except
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How to fill out a period change of accounting?

01
Begin by reviewing your current accounting system: Before filling out a period change of accounting, it is important to understand your current accounting system and identify any necessary changes. This includes reviewing your financial statements, ledgers, and any other relevant documents.
02
Determine the period for which you want to change: Decide on the specific period for which you want to make the accounting change. It could be a calendar year, fiscal year, or any other predefined period based on your business requirements.
03
Consult with an accounting professional: If you are unsure about the process or need guidance, it is advisable to seek assistance from an accounting professional. They can help you navigate through the necessary steps and ensure accurate completion of the period change.
04
Prepare the necessary documentation: Gather all the required documentation to support the period change of accounting. This may include financial statements, balance sheets, income statements, general ledgers, and any other relevant records that reflect the previous and proposed accounting periods.
05
Update financial statements and records: Once you have determined the period and gathered the necessary documentation, you will need to update your financial statements and accounting records accordingly. This involves making adjustments to reflect the change in the accounting period.
06
Document the reasons for the change: It is essential to document the reasons for the period change of accounting. This could include changes in business operations, regulatory requirements, or any other valid justification for the change.

Who needs period change of accounting?

01
Businesses transitioning to a new accounting period: When a business decides to change its accounting period, whether transitioning from a calendar year to a fiscal year or vice versa, it must go through the process of filling out a period change of accounting.
02
Companies facing regulatory changes: In certain cases, regulatory authorities may mandate a change in the accounting period for businesses operating in specific industries. Compliance with these regulations would require filling out a period change of accounting.
03
Organizations seeking efficiency improvements: Businesses may opt for a period change of accounting to enhance operational efficiency. By aligning the accounting period with business cycles or other internal factors, companies can streamline reporting processes and improve financial analysis.
It is important to note that the process and requirements for filling out a period change of accounting may vary based on jurisdiction and industry. Therefore, it is always recommended to consult with a professional or refer to applicable accounting standards for specific guidance.
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Period change of accounting refers to changing the accounting period for financial reporting purposes.
Companies or entities that need to change their accounting period for financial reporting purposes are required to file period change of accounting.
Period change of accounting can be filled out by submitting the necessary forms and documentation to the relevant accounting or regulatory authority.
The purpose of period change of accounting is to ensure accurate and consistent financial reporting by aligning the accounting period with the business operations.
The information that must be reported on period change of accounting includes the reason for the change, the new accounting period, and any financial implications of the change.
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