Accounting Principle Changes - What Every CPA Needs to Know (Course Id 2527)

• Who is this course for?
  This course is designed for anyone needing Continuing Professional Education (CPE), particularly CPAs who must stay current with accounting principles and standards.

• What is this course about or what problem does this course solve?
  The course addresses the complexities of accounting principle changes, including changes in principles, estimates, and reporting entities, helping CPAs understand and comply with FASB ASC Topic 250.

• Where can the knowledge from this course be used?
  Learners can apply the knowledge to correctly identify, account for, and disclose changes in accounting principles in financial statements.

• Why is this course important to a CPA or Accountant?
  It is essential for ensuring compliance with GAAP and regulatory standards related to accounting changes, which is critical for accurate financial reporting.

• When is this course relevant or timely?
  This course is especially relevant in 2025 with its latest revision in April, ensuring up-to-date guidance on evolving accounting standards.

• How is a course like this consumed or used?
  The course is consumed via a QAS self-study format, involving reading 21 pages of material and completing a final exam with a passing score of 70% to earn 1.0 CPE credit.

This course provides an overview of the accounting requirements with respect to accounting principle changes.  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.  A majority of the information included within this course is sourced from the requirements found within FASB ASC Topic No 250, Accounting Changes and Error Corrections.

Course Learning Objectives

• 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 disclosure requirements related to changes in accounting principles