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Accounting Changes and Error Corrections - v10 (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%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
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 a dramatic impact on a company’s financial statements. This course provides a comprehensive overview of the accounting treatments and disclosure requirements pertaining to accounting changes and error corrections as stipulated in ASC 250 Accounting Changes and Error Corrections. It discusses the different types of accounting changes and error corrections and the related reporting implications within an entity’s financial statements. Specifically, it includes excerpts from and references to ASC 250, interpretive guidance, and examples. It also provides insights from the Securities and Exchange Commission (SEC) staff. 

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : Basic Accounting.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 28-Jul-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 - Text - Technical - 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. Identify the different types of accounting changes and error corrections
    2. Recognize how to account for accounting changes and error corrections
    3. Identify the effect of errors in prior-period financial statements
Course Contents :

Chapter 1 - Accounting Changes and Error Corrections

I. Overview of ASC 250

Reasons for Changes and Corrections

Basic Principles

Difference between GAAP and IFRS

II. Change in Accounting Principle

1. Accounting Treatment

Justification for a Change in Accounting Principle

Voluntary Change in Accounting Principle

Retrospective Application

Impracticability Exceptions

Direct and Indirect Effects of Retrospective Application

Changes in Interim Periods

2. Disclosure Requirements

Review Questions - Section 1

III. Change in Accounting Estimate

1. Accounting Treatment

Use of Accounting Estimate

Change in Estimate Effected by a Change in Principle

2. Disclosure Requirements

3. Implications to Internal Control

IV. Change in Reporting Entity

1. Accounting Treatment

2. Disclosure Requirements

Review Questions - Section 2

V. Correction of an Error

1. Accounting Treatment

a. Identify an Error

b. Assess the Materiality of Error

c. Report Correction of Error

2. Disclosure Requirements

3. The Trends and Impact of Restatement

Restatement Trends

Restatement Effect

Review Questions - Section 3


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