2 Credits: Accounting
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.
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
February 6, 2023
There are no prerequisites.
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 120 courses (300+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen also remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”. Kelen has nearly 20 years of progressive finance and accounting experience. He …