This course provides a comprehensive overview of the accounting requirements with respect to accounting changes and error corrections and the related reporting implications within an entity’s financial statements. The scope of accounting changes includes a discussion of changes in accounting principles, changes in accounting estimates, as well as changes of a reporting entity. The course also provides an overview of the accounting requirements of correcting errors in previously issued financial statements as well as restatement considerations. A majority of the information included within this course is sourced from the requirements found within FASB ASC Topic No 250, Accounting Changes and Error Corrections.
Course Publication Date:
May 13, 2020
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
$15.00!
| Author: | Kelen Camehl |
| Course No: | ACT-CHERROR-8000 |
| Recommended CPE: | 1.50 |
| 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
- List the different types of accounting changes and how they affect an entity’s financial statements.
- Differentiate between the requirements for the different types of accounting changes.
- Identify the steps involved in the required assessment for a correction of an error.
- Differentiate between the iron curtain and rollover methods for quantifying a correction of an error.
- Recognize the different types of restatements required as a result of accounting changes.