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. A majority of the information included within this chapter is sourced from the requirements found within ASC Topic No 250.

Course Series

This course is included in the following series:

8 CoursesGAAP Hot Topics - What You Need to Know

  1. GAAP Hot Topics - What You Need to Know Chapter 1: Accounting for Business Combinations (Text Based Course)
  2. GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition (Text Based Course)
  3. GAAP Hot Topics - What You Need to Know Chapter 3: Lease Transactions (Text Based Course)
  4. GAAP Hot Topics - What You Need to Know Chapter 4: Goodwill Impairment (Text Based Course)
  5. GAAP Hot Topics - What You Need to Know Chapter 5: Segment Reporting (Text Based Course)
  6. GAAP Hot Topics - What You Need to Know Chapter 6: Accounting for Software (Text Based Course)
  7. GAAP Hot Topics - What You Need to Know Chapter 7: Accounting Changes & Error Corrections (Text Based Course)
  8. GAAP Hot Topics - What You Need to Know Chapter 8: Non-GAAP Financial Measures (Text Based Course)
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: March 27, 2024
6 Reviews (22 ratings)

Reviews

5
Member's Profile
This was a very educational course. I recommend that whomever takes this series also includes this course. It was very informative.
5
Anonymous Author
Helpful re-review of changes in acounting estimates, principles, and the required modifications when needed
4
Member's Profile
This course was laid out well. The course was easy to understand. The questions were straight forward.
5
Anonymous Author
Good detailed discussion of accounting changes and error corrections, including required disclosures.
5
Anonymous Author
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5
Member's Profile
Great overview and good insight on how to deal with these issues
Prerequisites
Course Complexity: Foundational
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
COURSE MATERIAL
  GAAP Hot Topics - What You Need to Know Chapter 7: Accounting Changes & Error Corrections PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam