Accounting Changes and Error Corrections (3 CPE)

5 (1)

Kelen Camehl, MBA

Kelen Camehl CPA

  • CPA
  • CMA

Before starting this self study program, please go through the instructional document.


  • Accounting for the Change in Accounting Principle
  • Justifying a Change in Accounting Principle
  • 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

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Accounting Practice Owners
  • Senior Accountant
  • VP Accounts
  • Accounts Director
  • Accounting Managers
  • Staff of Accounting Firm