Accounting and Auditing Accounting Changes and Error Corrections

Accounting Changes and Error Corrections

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  • Course Delivery: On Demand
  • Credit Hours: 2
  • Credit Type: Accounting

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Description

Description:
A company's financial statements sometimes report significantly different results from year to year. This may be due to changes in economic circumstances, but it may also be due to changes in accounting methods or corrections of errors in recording past transactions. Changing the accounting method used can have dramatic impact on a company's financial statements. This course covers the accounting, reporting, and disclosures associated with changes in accounting principles (method), estimates, and reporting entities as stipulated in ASC 250-10-05, Accounting Changes and Error Corrections: Overall (FAS-154, Accounting Changes and Error Corrections -- A Replacement of APB Opinion No. 20 and FASB Statement No. 3).

Learning Objectives:
1. Recognize the different types of accounting changes.
2. Identify the accounting changes and disclosures necessary for changes in inventory method
3. Recognize a change in a reporting entity and the effect of a change in accounting estimate.
4. Identify examples of a correction of an error in previous financial statements and analyze the effect of errors.

Topics Covered:

  • Change in Accounting Principle (Method
  • Change in Accounting Estimate
  • Change in Reporting Entity
  • Error Corrections
  • Required Disclosure for Error Restatements
  • Summary of Guidelines for Accounting Changes and Errors
  • Types of Accounting Errors
  • ASC, FASB, and Difference between GAAP and IFRS

 

Category: Accounting and Auditing

Field of Study: Accounting

Delivery Method: Online

Level: Basic to Intermediate

Prerequisites: Basic Accounting

Passing Score: 70%

NASBA: Yes, QAS Self Study

Author: Delta Publishing

ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.

 

Course Objectives

1. Recognize the different types of accounting changes.
2. Identify the accounting changes and disclosures necessary for changes in inventory method
3. Recognize a change in a reporting entity and the effect of a change in accounting estimate.
4. Identify examples of a correction of an error in previous financial statements and analyze the effect of errors.

 

Topics Covered

  • Change in Accounting Principle (Method
  • Change in Accounting Estimate
  • Change in Reporting Entity
  • Error Corrections
  • Required Disclosure for Error Restatements
  • Summary of Guidelines for Accounting Changes and Errors
  • Types of Accounting Errors
  • ASC, FASB, and Difference between GAAP and IFRS

 

 

Regulatory Information

Accounting Changes and Error Corrections - National Association of State Boards of Accountancy (NASBA)

  • Name:
  • National Association of State Boards of Accountancy (NASBA)
  • Phone:
  • 615-880-4200
  • Fax:
  • 615-880-4290
  • Website URL:
  • http://nasba.org/
  • Email Address:
  • [email protected]
  • Address:
  • NASBA
  • City:
  • Nashville
  • State:
  • TN
  • Zip:
  • 37219-2417
 

Prerequisites

Basic Accounting

 

Subject Matter Expert

Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.

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