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Accounting Principle Changes

4 (3)

Kelen Camehl, CPA (US), MBA

Kelen Camehl CPA

  • CMA
  • CPA (US)

Published: March, 2021

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


  • Introduction
  • Changes in accounting principle
  • Changes in accounting estimates
  • Changes in reporting entity
  • Accounting Standards Updates

Course Description

The accounting principles related to accounting changes and error corrections are included within ASC Topic No. 250.  Similar to many other ASC topics, this topic includes a discussion of the objectives of the guidance, scope exceptions, a glossary, as well as presentation and disclosure matters.  When you refer to the status section of this ASC topic (ASC 250-10-00), you will quickly note that the amendments included within this subtopic through the issuance of FASB Accounting Standards Updates (ASUs) are fairly limited, at least relative to other ASC topics which have been extensively revised over the years.  

This course provides an overview of the accounting requirements with respect to accounting principle changes.  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.  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.

Major Topics Covered : 

  • 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
  • Accounting Standards Updates

Learning Objectives

  • List the different types of accounting changes and how they affect an entity’s financial statements
  • To identify the differences between the requirements for the different types of accounting changes
  • Identify disclosure requirements related to changes in accounting principles

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • VP Accounts
  • Young CPA