CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Considerations for ASC 250: Accounting Changes and Error Corrections

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

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.

Learning Objectives

Upon successful completion of this course, participants 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 Specifics

Course ID
1203535
Revision Date
September 3, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a CPA with over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP, Inc. in Budapest, Hungary and previously served as a Senior Accounting Policy Manager for the company in Houston, TX (relocated in 2018 due to spousal expat assignment). Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors. Kelen is …

Kelen Camehl, CPA, MBA Read More »

Considerations for ASC 250: Accounting Changes and Error Corrections

Expert Instructors
Format
CPE CREDITS
2 Credits: Accounting

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

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.

Learning Objectives

Upon successful completion of this course, participants 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 Specifics

Course ID
1203535
Revision Date
September 3, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a CPA with over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP, Inc. in Budapest, Hungary and previously served as a Senior Accounting Policy Manager for the company in Houston, TX (relocated in 2018 due to spousal expat assignment). Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors. Kelen is …

Kelen Camehl, CPA, MBA Read More »

Considerations for ASC 250: Accounting Changes and Error Corrections

Expert Instructors
Format
CPE CREDITS
2 Credits: Accounting

$58.00$78.00

Clear