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.

Learning Objectives
  • Identify and list the different types of accounting changes and how they affect an entity’s financial statements.
  • Discover and 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.
  • Discover and 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.
Last updated/reviewed: February 19, 2025
21 Reviews (115 ratings)

Reviews

5
Anonymous Author
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, 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.
4
Anonymous Author
Text-based course that helps give important information on accounting changes and error corrections. The wording can be a bit complicated, but it gives a good overview. I think a video with more examples would be easier to follow for this type of topic.
4
Anonymous Author
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5
Anonymous Author
Great course. I loved the content and it really caused me to think back and refresh on my accounting change knowledge. Thank you!
5
Anonymous Author
Great overview of how to disclose/present change in estimates and error corrections in financials. Highly recommend this course.
5
Anonymous Author
This course provided helpful and detailed discussion of ASC 250, including how to apply SAB99 and SAB 108.
5
Member's Profile
Good course good materials I prefer text based instruction this will provide good reference in the future
5
Member's Profile
Course material was easy to follow, the PDF was easy to navigate and the questions were extremely fair.
5
Anonymous Author
Even though it was a text based course, it was very informative and understanding; highly recommend.
5
Anonymous Author
Informative. Great review of the proper methods to handle Accounting Changes and Error Corrections.
5
Member's Profile
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5
Member's Profile
Thorough course on accounting errors and ways in which to appropriately correct them. Recommend.
4
Anonymous Author
This is a great course. The topics are well organized and the examples provided are helpful.
4
Member's Profile
Course notes flowed well and the structure of the text was easy to follow and reference
5
Anonymous Author
Text overview of accounting changes. Very useful and lots of great information.
5
Member's Profile
This was a good refresher for both public and private companies on these topics.
5
Anonymous Author
The material was really easy to follow while still being in-depth.
5
Member's Profile
The text is very helpful and organized. Easy to read and follow!
5
Anonymous Author
Good review of materials and refresher course of the topic
5
Anonymous Author
Good overview of accounting changes and error corrections.
5
Anonymous Author
Text was well laid and and organized. Easy to follow
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
SUPPORTING MATERIAL
  Accounting Changes and Error Corrections: What Every CPA Needs to KnowPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam