Final answer:
Changes to the chart of accounts are often introduced at the start of a new accounting period to maintain consistent financial reporting, but can occur more urgently due to significant events like changes in banking practices or updates to a will.
Step-by-step explanation:
Changes to the chart of accounts are typically introduced at the start of a new accounting period, such as the fiscal year, to minimize confusion and to ensure that financial statements are comparable across periods. However, changes may be made more urgently if significant events such as sudden changes in banking practices, the inclusion of additional names on bank cards, or an abrupt change to a will necessitate updates to the chart of accounts to accurately reflect new financial relationships or obligations. Conducting changes at the start of an accounting period helps in maintaining consistency, aids in comparative analysis, and allows for smoother transitions without disrupting the ongoing financial record-keeping.