Accounting Changes and Error Corrections - What Every CPA Needs to Know
Author: Kelen Camehl
| CPE Credit: |
2 hours for CPAs |
This course provides an overview of the accounting requirements with respect to accounting changes and error corrections and the 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.
Publication Date: March 2025
Topics Covered
- Accounting Changes
- Error Corrections
- Changes of a reporting entity
Learning Objectives
- List the different types of accounting changes and how they affect an entity’s financial statements
- Recognize how to 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
- Recognize how to 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
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
