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.
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Prerequisites
No advanced preparation or prerequisites are required for this course.