Accounting Changes and Error Corrections

Study Level:  Overview
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study: Accounting
Prerequisites:  None

Course Description: 

This course provides a comprehensive overview of the accounting requirements with respect to accounting changes and error corrections and the related reporting implications within 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.

Course Learning Objectives:

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

  • identify the different types of accounting changes and how they affect an entity’s financial statements
  • 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
  • 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
Released: 12/2016