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| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 39 ||| Review Questions: 14 ||| Final Exam Questions: 15 |
| 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 : | 2022 |
| Version : | 1.0 |
| Prerequisites : | Basic Accounting. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Accounting Changes and Error Correction
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 04-Jan-2023 |
| 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, v12, cpe, cpa, online course |
| Learning Objectives : |
2. Recognize how to account for accounting changes 3. Recognize how different types of accounting changes affect the financial statements 4. Identify the steps involved in the required assessment for error corrections |
| Course Contents : | Chapter 1 - Accounting Changes and Error Corrections I. Overview of ASC 250 Reasons for Changes and Corrections Basic Principles U.S. GAAP vs IFRS II. Change in Accounting Principle 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 Disclosure Requirements Review Questions - Section 1 III. Change in Accounting Estimate Accounting Treatment Use of Accounting Estimate Change in Estimate Effected by a Change in Principle Disclosure Requirements Implications to Internal Control IV. Change in Reporting Entity Accounting Treatment Disclosure Requirements Review Questions - Section 2 V. Correction of an Error Accounting Treatment Identifying an Error Comprehensive Illustration: Prior-Period Adjustments Assessing the Materiality Reporting the Correction Disclosure Requirements Restatements Types Effect Review Questions - Section 3 Glossary |
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