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Accounting Changes and Error Corrections - v08 (Course Id 1471)

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Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 3.0
IRS Credits : 0
Price : $26.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1471

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 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.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : Basic Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 28-Jan-2019
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1471

Keywords : Accounting, Accounting, Changes, Error, Corrections, v08, cpe, cpa, online course
Learning Objectives :


Course Learning Objectives

After studying this course you will be able to:
    1. Recognize the different types of accounting changes.
    2. Identify the accounting changes and disclosures necessary for changes in inventory method.
    3. Recognize a change in a reporting entity and the effect of a change in accounting estimate.
    4. Identify examples of a correction of an error in previous financial statements and analyze the effect of errors.
Course Contents :

Chapter 1 - Accounting Changes and Error Corrections

Course Learning Objectives

Overview

Change in Accounting Principle (Method)

Accounting for Changes in Accounting Principle

Examples -  Retrospective Application of a Change in Accounting Principle

Impracticability Provisions

Direct and Indirect Effects of Retrospective Application

Other Considerations

Accounting Changes in Interim Periods

Materiality Assessments

SEC Guidance on Voluntary Change in Accounting Principle

Implications to Internal Control

Disclosures Required for Changes in Accounting Principle

Exhibit 1 -  Disclosure of Changes to LIFO

Change in Accounting Estimate

Accounting for Changes in Accounting Estimate

Examples -   Change in Accounting Estimate

Disclosures Required for Changes in Accounting Estimate

Exhibit 2 -  Disclosures Relating Estimates

Implications to Internal Control

Change in Reporting Entity

Accounting for Changes in Reporting Entity

Disclosures Required for Changes in Reporting Entity

Exhibit 3 -  Disclosure of Changes in Reporting Entity

Review Questions - Section 1

Error Corrections

General Rules

Step 1: Determining Whether an Error Exists

Error Correction vs. Changes in Accounting Estimate

Error Correction vs. Reclassification

Types of Accounting Errors

Step 2: Assessing Materiality of the Error

Qualitative Analysis

Quantitative Analysis

Step 3: Analyzing the Financial Impacts of the Error

Step 4: Correcting the Error

Key Concepts

Examples - Error Corrections

Illustrative Example -  Error Correction

Step 5: Reporting the Error

Considerations for SEC Registrants

Exhibit 4 -  Restatement: Disclosure of Error Corrections

ASC, FASB, and Difference between GAAP and IFRS

Review Questions - Section 2

Glossary

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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