Accounting Changes and Error Corrections - A Comprehensive 0verview FLEXCAST

Overview

A company’s financial statements sometimes report significantly different results from year to year. This may be due to changes in economic circumstances, but it may also be due to changes in accounting methods or corrections of errors in recording past transactions. Changing the accounting method used can have a dramatic impact on a company’s financial statements. This course provides a comprehensive overview of the accounting treatments and disclosure requirements pertaining to accounting changes and error corrections as stipulated in ASC 250 Accounting Changes and Error Corrections. It discusses the different types of accounting changes and error corrections and the related reporting implications within an entity’s financial statements. Specifically, it includes excerpts from and references to ASC 250, interpretive guidance, and examples. It also provides insights from the Securities and Exchange Commission staff.

Highlights

Overview of ASC 250. Basic principles. Accounting treatment. Direct and indirect effect of retrospective applications. Change in accounting estimate. Disclosure requirements. Reporting the correction. Use of accounting estimate. Change in reporting entity. Assessing the materiality.

Prerequisites

None.

Designed For

CPAs.

Objectives

Identify the types of accounting changes. Recognize how to account for accounting changes. Recognize how different types of accounting changes affect the financial statements. Identify the steps involved in the required assessment for error corrections.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.