Overview
This course covers accounting changes and error corrections, including their impact on financial statements. It discusses changes in accounting principles, estimates, and reporting entities, as well as correcting errors and restatement considerations, based on FASB ASC Topic 250.
Learning Objectives
- 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
Prerequisites
General understanding of accounting principles
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