Accounting Changes and Error Corrections


This course provides an overview of the accounting requirements with respect to accounting changes and error corrections and the related reporting implications to an entity’s financial statements. The scope of accounting changes includes a discussion of changes in accounting principles and 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

Upon completion of this course, you should be able to:

  • identify types of accounting changes and how they affect an entity’s financial statements
  • differentiate between the requirements for accounting changes
  • identify the steps involved in the assessment for an error correction
  • differentiate between the iron curtain and rollover methods for quantifying an error correction
  • recognize the different types of restatements required as a result of accounting changes

Designed For

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel


General understanding of basic accounting principles

Advanced Preparation


WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

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