Self-Study
1
Overview
Accounting
There are no prerequisites.

Course Description

One of the major issues companies and accountants face is how to reflect changes in accounting methods and error corrections in financial statements. This course provides a comprehensive overview of accounting requirements with respect to accounting changes and error corrections and the related reporting implications within an entity's financial statements. The scope of accounting changes includes a discussion of changes in accounting principles and 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. 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.



Instructor

Kelen Camehl, CPA, MBA

Kelen Camehl, CPA, MBA, has over 14 years of progressive finance and accounting experience. Currently, he serves as a technical accounting advisor with HP, Inc. Prior to this role, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips, including technical accounting policy, SOX compliance, and global internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors in Houston, TX. He has remained actively involved in CPA exam content development for the past seven years and has authored in excess of a thousand multiple choice questions for various sections of the exam, attending workshops with the AICPA across the country each year. He serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy,” and is also an author and technical reviewer for Continuing Professional Education (CPE) courses published by the AICPA.

Kelen received his BBA in Accounting from Texas A&M University – Corpus Christi and an MBA from the University of Texas – San Antonio.



Course Specifics

Accounting
Aug 4, 2016
There are no prerequisites.
SS1163447
43
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Cite the different types of accounting changes and how they affect an entity's financial statements
  • Identify differences between the requirements for the various types of accounting changes
  • Recall the steps involved in the required assessment for a correction of an error
  • Identify the differences 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



Table of Contents

Learning Objectives

Course Overview

Introduction

Changes in Accounting Principle

Exhibit 1-1: ASC 250-10-45-1

Accounting for the Change in Accounting Principle

Exhibit 1-2: Impracticability Exceptions

Justifying a Change in Accounting Principle

Exhibit 1-3: ASC 330-10-30-14

Exhibit 1-4: SEC Guidance on Preferability on Accounting Principle Changes

Preferability Letter

Exhibit 1-5: SEC Speech on Goodwill Impairment Testing Date Change

Accounting Changes in Interim Periods

Change in Accounting Principle—Illustrative Example

Disclosures Required for Changes in Accounting Principles

Example Disclosure

Change in Accounting Estimate

Disclosures

Exhibit 1-6: Example Disclosure

Change in Reporting Entity

Disclosures

Accounting for Correction of Errors

Determine if an Error Exists

Exhibit 1-7: Small Intentional Misstatements

Iron Curtain Method

Exhibit 1-8: Iron Curtain Method (ASC 250-10-S99-2)

Internal Control Considerations

Corrections of Errors

Change in Accounting Principle

Change in Accounting Estimate

Accounting Standards Updates

ASU 2015-11

Exhibit 1-9: “Direct Effects of a Change in Accounting Principle” Definition

ASU 2015-01

Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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