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Accounting Changes and Error Corrections (3 CPE)

  • CPA (US)
  • CIA
  • CMA
  • CVA
  • CPA/ABV
  • IAP
  • CBA/MCBA
  • QIAL
  • Accountant/Bookkeeper/Tax Professionals
Accounting Changes and Error Corrections (3 CPE)

Free (Only Today)

3 Credits

Subject Area

Accounting
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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 CPE E-Book 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).

Accounting changes and error correction refer to the guidance on reflecting accounting changes and errors in financial statements. It outlines the rules for correcting and applying changes to financial statements, which include requirements for the accounting for, and reporting of, a change in accounting principle, a change in accounting estimate, a change in reporting entity, or the correction of an error.

This E-Book also 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.

Learning Objectives

  • To identify the different types of accounting changes.
  • To analyze how different types of accounting changes 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 between the iron curtain and rollover methods for quantifying a correction of an error. 

Course Qualification

Webinar Qualifies For

  • 3 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 3 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 3 CPE Credit for Certified Internal Auditors (CIA)
  • 3 CPE Credit for Certified Management Accountants (CMA)
  • 3 CPE Credit for Certified Valuation Analyst (CVA)
  • 3 CPD Credit for Accredited in Business Valuation (ABV)
  • 3 CPE Credit for Internal Audit Practitioner (IAP)
  • 3 CPE Credit for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
  • 3 CPE Credit for Qualification in Internal Audit Leadership (QIAL)

Additional details

  • Course Level :
    Basic
  • Credits :
    3
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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.

Presenter

About Presenter

Kelen Camehl, CPA (US), MBA

Advisor, Kelen Camehl CPA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ 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 Consultant with HP, Inc. in Dallas, TX.  Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this 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.

About Company


Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.2

17 Ratings

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LM

Lawrence Mcmanus, CPA (US)

Aug 13th, 2022

good presentation

DB

Darren Buck, CPA (US)

Jun 30th, 2022

Helpful