Altering the method of accounting that a person or company employs or changing an item that is usually used in the accounting plan. In most instances changes such as this must be noted on balance sheets and taxpayers must seek out prior approval from the IRS before making the change.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser