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Accounting Changes and Error Corrections
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Accounting Changes and Error Corrections
Course Description:
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.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
• 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
Course Number:
KC11
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
August 2020
CPE Credits:
1
Prerequisites:
None
Advanced Preparation:
None
KC11
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
August 2020
CPE Credits:
1
Prerequisites:
None
Advanced Preparation:
None
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