Accounting Changes and Error Corrections (2 CPE)

4.5 (10)

Kelen Camehl, MBA

Kelen Camehl CPA

  • CPA
  • CMA

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

Overview

  • Changes in Accounting Principle
  • Justifying a Change in Accounting Principle
  • Disclosures Required for Changes in Accounting Principles
  • Accounting for Correction of Errors
  • Accounting Standards Updates

Course Description

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.

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

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

Testimonial

4.5

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CM

Very educational, but very dry. Could use more real world grounded examples.