Accounting Changes and Error Corrections - 2024 (Text Based)

This course provides an overview of the accounting requirements concerning 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 in a reporting entity.  The course also provides an overview of the accounting requirements for 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:

1. List the different types of accounting changes and how they affect an entity's financial statements

2. Differentiate between the requirements for the different types of accounting changes

3. Identify the steps involved in the required assessment for the correction of an error

4. Differentiate between the iron curtain and rollover methods for quantifying a correction of an error

5. Recognize the different types of restatements required as a result of accounting changes

Instructional Method: Self-Study

Review Date: 12/29/2023

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of the date of receipt of this course for CPE Credit.

Field of Study: Accounting

Level of Knowledge: Beginner

Prerequisite: None

Advanced Preparation: None

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FurtherEd 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: www.nasbaregistry.org.