Accounting Changes and Error Corrections – FASB ASC Topic No. 250
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. 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 Information
Course No. CAM003
Format: Online pdf (35 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: None
Advance Preparation: None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Accounting
Course Author: Kelen F. Camehl, CPA, MBA
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: April 2024
Objectives
Course Topics:
* Changes in Accounting Principle
* Accounting for the Change in Accounting Principle
* Justifying a Change in Accounting Principle
* Disclosures Required for Changes in Accounting Principles
* Change in Accounting Estimate
* Change in Reporting Entity
* Accounting for Correction of Errors
* Internal Control Considerations
* Accounting Standards Updates
Learning Objectives:
Upon completion of this course, you will be able to:
- 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
