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Accounting Changes and Error Corrections: What Every CPA Needs to Know (Course Id 2526)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 32 ||| Word Count: 14,031 ||| Review Questions: 6 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2526

Accounting, Changes, Error, Corrections, What, Every, CPA, Needs, Know, cpe, cpa, online course
Description :

This course 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.  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.  The course also provides an overview of the accounting requirements of correcting errors in previously issued financial statements as well as restatement considerations. 

Usage Rank : 60000
Release : 2025
Version : 1.0
Prerequisites : None.
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 : 08-Apr-2025
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 - NASBA Registry - 2526

Keywords : Accounting, Changes, Error, Corrections, What, Every, CPA, Needs, Know, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
  • List the different types of accounting changes and how they affect an entity’s financial statements
  • Differentiate between the requirements for the different types of accounting changes
  • Identify the steps involved in the required assessment for a correction of an error
  • Differentiate between the iron curtain and rollover methods for quantifying a correction of an error
  • Recognize the different types of restatements required as a result of accounting changes

Course Contents :

Chapter 1 - Accounting Changes and Error Corrections: What Every CPA Needs to Know

Course Learning Objectives

Course Overview

Introduction

Changes in Accounting Principle

Accounting for the Change in Accounting Principle

Review Questions

Justifying a Change in Accounting Principle

Change in Accounting Principle – Illustrative Example

Disclosures Required for Changes in Accounting Principles

Change in Accounting Estimate

Change in Reporting Entity

Review Questions

Accounting for Correction of Errors

Internal Control Considerations

Conclusion

Review Questions

Glossary of Terms

Click to go to: Accounting CPE Courses | Online Accounting Courses for CPAs
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