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
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.