Accounting Changes and Error Corrections - FASB ASC Topic No 250 ON DEMAND

Overview

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.

Highlights

Changes in accounting principle. Changes in accounting estimate. Changes in reporting entity. Correction of an error in preciously issued financial statements. Corrections related to prior interim periods. Materiality of an error.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

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 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.

Preparation

None.

Notice

None.