A company’s financial statements sometimes report significantly different results from year to year. This may be due to changes in economic circumstances, but it may also be due to changes in accounting methods or corrections of errors in recording past transactions. Changing the accounting method used can have a dramatic impact on a company’s financial statements. This course provides a comprehensive overview of the accounting treatments and disclosure requirements pertaining to accounting changes and error corrections as stipulated in ASC 250 Accounting Changes and Error Corrections. It discusses the different types of accounting changes and error corrections and the related reporting implications within an entity’s financial statements. Specifically, it includes excerpts from and references to ASC 250, interpretive guidance, and examples. It also provides insights from the Securities and Exchange Commission (SEC) staff.
Course Publication Date:
September 23, 2022
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$30.00!
| Author: | Delta CPE |
| Course No: | ACT-CHNGERR-40052 |
| Recommended CPE: | 3.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Identify the types of accounting changes.
- Recognize how to account for accounting changes.
- Recognize how different types of accounting changes affect the financial statements.
- Identify the steps involved in the required assessment for error corrections.