This course provides an overview of the accounting requirements with respect to accounting changes and error corrections and the 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.
Course Publication Date:
April 07, 2025
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
$20.00!
| Author: | Kelen Camehl |
| Course No: | ACT-CHERROR-8005 |
| Recommended CPE: | 2.00 |
| 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
- 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.