This course provides a comprehensive overview of the 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, 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
  • Recognize the different types of accounting changes and how they affect an entity’s financial statements.
  • Explore and 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.
  • Explore and 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.
Last updated/reviewed: December 27, 2023
18 Reviews (85 ratings)

Reviews

5
Anonymous Author
This course provides a comprehensive overview of the 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, 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.
4
Anonymous Author
Text-based course that helps give important information on accounting changes and error corrections. The wording can be a bit complicated, but it gives a good overview. I think a video with more examples would be easier to follow for this type of topic.
5
Anonymous Author
Great course. I loved the content and it really caused me to think back and refresh on my accounting change knowledge. Thank you!
5
Anonymous Author
Great overview of how to disclose/present change in estimates and error corrections in financials. Highly recommend this course.
5
Anonymous Author
This course provided helpful and detailed discussion of ASC 250, including how to apply SAB99 and SAB 108.
5
Member's Profile
Good course good materials I prefer text based instruction this will provide good reference in the future
5
Member's Profile
Course material was easy to follow, the PDF was easy to navigate and the questions were extremely fair.
5
Anonymous Author
Even though it was a text based course, it was very informative and understanding; highly recommend.
5
Anonymous Author
Informative. Great review of the proper methods to handle Accounting Changes and Error Corrections.
5
Member's Profile
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5
Member's Profile
Thorough course on accounting errors and ways in which to appropriately correct them. Recommend.
4
Anonymous Author
This is a great course. The topics are well organized and the examples provided are helpful.
4
Member's Profile
Course notes flowed well and the structure of the text was easy to follow and reference
5
Anonymous Author
Text overview of accounting changes. Very useful and lots of great information.
5
Member's Profile
This was a good refresher for both public and private companies on these topics.
5
Anonymous Author
The material was really easy to follow while still being in-depth.
5
Member's Profile
The text is very helpful and organized. Easy to read and follow!
5
Anonymous Author
Text was well laid and and organized. Easy to follow
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
SUPPORTING MATERIAL
  Accounting Changes and Error Corrections PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam