Disclosures Required for Changes in Accounting Principles
Change in Reporting Entity
Internal Control Considerations
Course Description
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 covers the accounting, reporting, and disclosures associated with changes in accounting principles (method), estimates, and reporting entities as stipulated in ASC 250-10-05, Accounting Changes and Error Corrections: Overall (FAS-154, Accounting Changes and Error Corrections—A Replacement of APB Opinion No. 20 and FASB Statement No. 3).
Learning Objectives
To identify the different types of accounting changes and how they affect an entity’s financial statements
To recognize the differences between the requirements for the different types of accounting changes
To identify the steps involved in the required assessment for a correction of an error
To recognize the differences the iron curtain and rollover methods for quantifying a correction of an error
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
About Presenter
Kelen Camehl, CPA, MBA
Advisor, Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE
courses and has authored nearly 75 courses (200+ CPE credit hours) covering a
range of accounting, auditing, financial reporting, regulatory, and ethics
topics. His courses are available for
purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam
content development for nearly 10 years and has authored more than a thousand
multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the
AICPA’s "Journal of Accountancy".
Kelen has over 15 years of progressive finance
and accounting experience. He currently serves as an Accounting Policy Advisor
with HP, Inc. in Budapest, Hungary and previously served as a Senior Accounting
Policy Manager for the company in Houston, TX (relocated in 2018 due to his
wife’s expat assignment). Prior to HP, he
served in multiple accounting roles in the oil & gas industry with ConocoPhillips
including technical accounting policy, SOX compliance, and internal audit. He
also gained public accounting experience with PricewaterhouseCoopers, working
with various clients in the energy, electric, power, gas, and utility sectors.
