Accounting method v/s Accounting policy

This query is : Resolved 

14 August 2016 how do we distinguish change in method of accounting from change in accounting policy.

14 August 2016 Please elaborate a bit

14 August 2016 For example, if a company changes it's method of determination of cost formula for valuation of inventory from fifo basis to weighted average cost basis. Is it change is accounting policy or method of accounting employed?


15 August 2016 it is change in accounting policy
Method of accounting are CASH system, ACCRUAL system, HYBRID system... (Income tax has derecognised HYBRID system)

15 August 2016 thankyou so much sir. I am satisfied.

16 August 2016 you are most welcome.



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