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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: October 07, 2020

1 Review (1 rating)Reviews

4
Member's Profile
Course notes flowed well and the structure of the text was easy to follow and reference

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 .
Course Syllabus
SUPPORTING MATERIAL
  PDFAccounting Changes and Error Corrections
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM